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2019-02-25 TOC.doc

Board of Trustees Meeting Public School Retirement System

of the City of St. Louis February 25, 2019

Table of Contents

Meeting Agenda and Notice

Minutes of Board of Trustees Meetings ................................................................ Tab 1Board of Trustees Regular Meeting: December 17, 2018

Consent Agenda Items for Approval ..................................................................... Tab 2Retirements and Benefits: January and February 2019

Refund Distributions Paid: December 2018 and January 2019

Bills Paid: December 2018 and January 2019

Minutes of Committee Meetings ............................................................................ Tab 3None

Action Items, Communications and Reports ......................................................... Tab 42018 Actuarial Cost Statement

Routine Information Items ..................................................................................... Tab 5Investment Information: November and December 2018

Year-to-Date Budget Information: December 2018 and January 2019

Professional Services Invoices

Travel Expenses Report: No Report

2019-02-25 AGENDA.DOC

Board of Trustees Meeting February 25, 2019, 4:30 P.M.

Public School Retirement System 3641 Olive Street of the City of St. Louis 2nd Floor Boardroom (314) 534-7444 St. Louis, MO 63108-3601

Order of Business

I. Roll Call and Announcement of a Quorum

II. Approval of Minutes of Last Meeting(s) (Tab 1)Board of Trustees Regular Meeting, December 17, 2018

III. Seating of New MembersJustin M. Stein II: Elected Active Non-Teacher TrusteeChristina Bennett: SLPS Board Re-Appointed Trustee

IV. Reading of Communications to the Board of Trustees

V. Presentations by Interested Parties

VI. Consent Agenda (Tab 2)1. Approval of Retirements and Benefits (January and February 2019)2. Approval of Refunds and Bills (December 2018 and January 2019)

VII. Unfinished Business

VIII. Report of the ChairpersonConfirm 2019 Committees & Chair Appointments (Refer to XII.)

IX. Report of the Executive Director

X. Report of the Investment Consultant

XI. Report of the Actuary2018 Actuarial Cost Statement Presentation (Tab 4)

XII. Reports of Committees of the Board (2018 Chairs listed for reference)♦ Benefits – Louis Cross♦ Trustee Business – Sheila Goodwin♦ Investment – Joe Clark♦ Legislative, Rules & Regulations – Paula Bentley♦ Professional Contracts – Bobbie Richardson

XIII. New Business

XIV. Report of the Attorney

XV. Adjournment

Public School Retirement System of the City of St. Louis

3641 Olive Street, Suite 300 St. Louis, MO 63108-3601

Voice: (314) 534-7444 Fax: (314) 533-0531

TO: Angela Banks Christina Bennett Paula Bentley Joseph Clark Darnetta Clinkscale Louis Cross Sheila P. Goodwin Yvette A. Levy Bobbie Richardson Justin Stein Rick Sullivan

Cc: Kristin Finney-Cooke, Jeff Hartnett, Thomas Helm, Troy Jaros

FROM: Andrew Clark

TODAY: February 15, 2019

RE: Board of Trustees Regular Meeting Monday, February 25, 2019

Board of Trustees Regular Meeting A regular meeting of the Board of Trustees will be conducted on Monday, February 25, 2019, beginning at 4:30 p.m. The Board of Trustees may close a portion of the meeting pursuant to R. S. Mo. §610.021 (1) to discuss a legal matter with the Attorney. The meeting venue will be the boardroom on the second floor of the retirement system’s office building at 3641 Olive Street, St. Louis, MO 63108. Please contact me whether you plan to attend the meeting or not. Thank you.

Regular Board Meeting Minutes 12-17-18.doc

PUBLIC SCHOOL RETIREMENT SYSTEM OF THE CITY OF ST. LOUIS

MINUTES OF THE BOARD OF TRUSTEES REGULAR MEETING December 17, 2018

I. ROLL CALL AND ANNOUNCEMENT OF A QUORUM

The December meeting of the Board of Trustees of the Public School Retirement System of the City of St. Louis (PSRSSTL) was called to order at approximately 4:40 p.m., Monday, December 17, 2018. The meeting was held in the 2nd floor boardroom of the PSRSSTL office building located at 3641 Olive Street, St. Louis, Missouri. Joseph Clark, Chairman of the Board of Trustees, was the presiding officer.

Roll Call was taken, and Trustees Paula Bentley, Joseph Clark, Darnetta Clinkscale, Louis Cross, Sheila Goodwin and Bobbie Richardson were present. The Board of Trustees had a quorum at the meeting. Trustee Yvette Levy joined the meeting in progress. Trustees Angela Banks, Christina Bennett and Rick Sullivan were absent.

Executive Director, Andrew Clark, Accounting Specialist, Terry Mayes, PSRSSTL Attorney Representative, Matt Gierse, and PSRSSTL Actuary, Troy Jaros, were also in attendance.

II. APPROVAL OF MINUTES FROM LAST MEETING

Sheila Goodwin made a motion, seconded by Paula Bentley, to approve the minutes of the Board of Trustees Regular Meeting of October 15, 2018. There was a clarification made regarding the approval of the retiree health insurance plans for 2019.

By voice vote, motion carried.

III. READING OF COMMUNICATIONS TO THE BOARD OF TRUSTEES

None

IV. PRESENTATIONS BY INTERESTED PARTIES

None

V. CONSENT AGENDA

Louis Cross made a motion, seconded by Paula Bentley, to approve the Retirements and Benefits of November and December 2018.


Paula Bentley made a motion, seconded by Bobbie Richardson, to approve the Refunds and Bills of October and November 2018.


Board of Trustees Meeting December 17, 2018 Page 2 of 4

VI. UNFINISHED BUSINESS None

VII. REPORT OF THE CHAIRPERSON The Chairperson asked the Attorney to conduct the election of the 2019 officers of the Board of Trustees. The floor was opened for nominations of a Chairperson. Sheila Goodwin nominated Joe Clark. There were no other nominations and the floor was closed. It was announced by acclimation that Joe Clark will serve as Chairperson of the Board of Trustees in 2019. The floor was opened for nominations of a Vice Chairperson. Sheila Goodwin nominated Bobbie Richardson. There were no other nominations and the floor was closed. It was announced by acclimation that Bobbie Richardson will serve as Vice Chairperson of the Board of Trustees in 2019.

VIII. REPORT OF THE EXECUTIVE DIRECTOR The Executive Director referred the Trustees to the proposed Board of Trustees Meeting Schedule for Calendar Year 2019 that needed approval. There was some discussion regarding the February and April 2019 meeting dates. Louis Cross made a motion, seconded by Bobbie Richardson, to approve the Board of Trustees Meeting Schedule for 2019, as presented by the Executive Director. By voice vote, motion carried. The Executive Director reported on the Independent Auditor’s Report on the Schedules of Pension Information for Participating Employers as required under Governmental Accounting Standards Board (GASB) Statement No. 68, and that all Trustees are eligible for travel in 2019. The Executive Director also reported on the status of the election of an Active Non-Teacher Trustee, and that the SPLS Special Administrative Board is expected to appoint a Trustee to fill the expiring term for Christina Bennett at a meeting in January 2019. There was extended discussion on the timing of when the SLPS Elected School Board is expected to resume control and replace the SLPS Special Administrative Board.

IX. REPORT OF THE INVESTMENT CONSULTANT None

X. REPORT OF THE ACTUARY None

XI. REPORTS OF COMMITTEES OF THE BOARD OF TRUSTEES The Chairman asked for reports from the Committees.

Board of Trustees Meeting December 17, 2018 Page 3 of 4 Benefits Committee None Trustee Business Committee Sheila Goodwin, Chair of the Trustee Business Committee, reported on the meeting of December 5, 2018, and that two recommendations were being brought forward by the Committee for consideration by the Trustees. Bobbie Richardson made a motion, seconded by Joseph Clark, to approve the total 2016 & 2018 travel expenses as recommended and accepted by the Trustee Business Committee at a meeting on December 5, 2018. There was some discussion on the 2016 travel expenses relative to the education and travel policies. A roll call vote was taken. Paula Bentley Yes Joseph Clark Yes Darnetta Clinkscale Yes Louis Cross Yes Sheila Goodwin Yes Yvette Levy Yes Bobbie Richardson Yes With seven yes votes, motion carried. Paula Bentley made a motion, seconded by Louis Cross, to approve the 2019 Operating Budget as recommended and accepted by the Trustee Business Committee at a meeting on December 5, 2018. A roll call vote was taken. Paula Bentley Yes Joseph Clark Yes Darnetta Clinkscale Yes Louis Cross Yes Sheila Goodwin Yes Yvette Levy Yes Bobbie Richardson Yes With seven yes votes, motion carried. Investment Committee None Legislative, Rules & Regulations Committee None Professional Contracts Committee Bobbie Richardson, Chair of the Professional Contracts Committee, announced that the Committee is expected to address the Investment Consulting Services RFP in early 2019. There was some discussion on the operating status of one of the firms that submitted a proposal.

Board of Trustees Meeting December 17, 2018 Page 4 of 4

XII. NEW BUSINESS

None

XIII. REPORT OF THE ATTORNEY

The Attorney reported on the status of two outstanding lawsuits and extended discussion ensued regarding them.

XIV. ADJOURNMENT

Sheila Goodwin made a motion, seconded by Louis Cross, to adjourn the meeting.

By voice vote, motion carried, and the meeting adjourned at just past 5:35 p.m.

Attachments: Retirements Paid: November and December 2018 Refunds & Bills Paid: October and November 2018 2019 Regular Board of Trustees Meeting Schedule Schedules for Employers and Independent Auditors’ Report, December 31, 2017 and 2016 2016 & 2018 Trustee Travel Expenses Approved by the Board of Trustees 2019 Operating Budget

To be Authorized and Approvedby the Board of Trustees

NAME \POSITION DATE

Susie Billups-Glenn October 1, 2018 Normal 27.1944 $70,243.86 $3,183.74Teacher

Lynetta Brown October 1, 2018 Normal 21.1180 $29,684.58 $1,044.80Child Care Attendant

Walter Gibson October 1, 2018 Normal 24.2163 $76,657.40 $3,093.93Parent & Student Specialist

Janet Jenkins October 1, 2018 Normal 23.1223 $67,029.79 $2,583.14Teacher

James Thompson October 1, 2018 Normal 30.0000 $48,249.75 $2,412.49Head Custodian

Alice Urbantke October 1, 2018 Normal 5.3020 $40,659.48 $359.29Nurse

RETIREMENT

APPLICATIONS FOR RETIREMENT

TYPE BENEFITMONTHLYFINAL AVG

SALARYCREDITEDSERVICE

Page 1 of 1 November 2018


NAME \POSITION DATE

Shirley Alexander-Flie 11/1/2018 Normal 24.0234 $65,812.25 $2,635.05Teacher

Crystal Bennett 11/1/2018 Normal 19.9639 $68,059.61 $2,264.56Teacher

Daniel Frey 11/1/2018 Normal 16.6290 $62,280.67 $1,726.11Teacher

Richard Glenn 11/1/2018 Normal 28.1218 $43,779.32 $2,051.92Head Custodian

Ricardo Graham 11/1/2018 Normal 19.5163 $38,766.08 $1,260.95Safety Officer

RETIREMENT




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1 of 1

Payee Ck. Number Description Amount

Date Paid October 5, 2018

Ameren Missouri 74599 Electric Service 1,738.60Windstream Communications 74600 Telephone, Data 583.78Office Essentials 74601 Office Supplies 352.44Republic Services #346 74602 Trash Pick-Up 147.96OffsiteDataSync 74603 Online Backups 321.50Buck Global, LLC 74604 Acturarial & Consulting Services - Sept. 2018 9,266.00Minuteman Press 74605 Envelopes 134.37Microtek Document Imaging Systems, Inc. 74606 Document Prep and Scanning - September 2018 576.49ACC Business 74607 Telephone Fiberoptics 529.76Specialty Mailing 74608 Election Mailing 1,997.46BuildingStars STL Operations, Inc. 74609 Janitorial Services and Supplies 2,004.97Jupiter Consulting Services, LLC 74610 Programming Consulting 12,537.00Randy Elam 74611 Telephone Headsets and Cables 328.97Crain Communications 74612 11 Renewals - Pensions & Investments Mag. 2,629.00CBRE, Inc. 74613 VA Lease Renewal Commission 8,218.04CBRE - 608844 74614 Management Fee - September 2018 1,138.47CBRE - 608844 74615 Engineer Services 843.50Delta Pest Stl Inc. 74616 Pest Control 50.00St. Louis Mat & Linen Company 74617 Floor Mats 69.00Tech Electronics, Inc. 74618 Repairs 305.90Board of Education St. Louis Benefits Trust 74619 Office Employees Insurance - Dental 212.33Board of Education St. Louis Benefits Trust 74620 Office Employees Insurance - Vision 15.55Board of Education St. Louis Benefits Trust 74621 Office Employees Insurance - Life 135.35


Office Payroll ACH Office Payroll 10,535.17AXA Equitable ACH 457 Contributions 2,070.00


Absopure Water Company 74646 Water Cooler Service 75.80Blade Technologies, Inc. 74647 Professional Services 1,426.84Crossroads Courier, Inc. 74648 Courier Service 6.24Charter Communications 74649 Charter Internet and Voice 189.96Specialty Mailing 74650 Postage - Daily Pickup 190.00Specialty Mailing 74651 Postage - Open Enrollment 4,038.25Hartnett Gladney Hetterman, L.L.C. 74652 Legal Fees 5,616.50Office Essentials 74653 Office Supplies 1,229.75The Berwyn Group 74654 Death Check Verification Services 10.00OffsiteDataSync 74655 Online Backups 360.00GCI Security, Inc. 74656 Security Guard 10/15/2018 144.00AT&T 74657 Monthly Service Charge 243.70MSD 74658 Sewer Service 57.68Randy Elam 74659 Office Supplies 93.95AT&T Teleconference Services 74660 Teleconference Services 8.19Bobbie Richardson 74661 Reimbursement - NCTR Conference 123.57EARNEST Partners, LLC 74662 3rd Quarter 2018 Management Fee 7,597.06Piedmont Investment Advisors, LLC 74663 3rd Quarter 2018 Management Fee 8,632.10Systematic Financial Management, LP 74664 3rd Quarter 2018 Management Fee 77,146.48TCW Asset Management Company 74665 3rd Quarter 2018 Management Fee 53,931.76


Office Payroll ACH Office Payroll 10,535.17AXA Equitable ACH 457 Contributions 2,070.00Specialty Mailing 74666 Service Fees - Election Mailing 2,049.29Specialty Mailing 74667 Postage - Election Mailing 1,909.70Andrew Clark 74668 Miscellaneous Trustee Expenses 29.39Purchase Power 74669 Postage 500.00Diana S. Daugherty, Chapter 13 Trustee 74670 Case No. xx-xx907 400.00

TOTAL $235,356.99

Public School Retirement System of the City of St. LouisChecks Written During the Month of October, 2018

1 of 2


Date Paid November 5, 2018

Ameren Missouri 74698 Electric Service 1,589.15Windstream Communications 74699 Telephone, Data 679.52Office Essentials 74700 Office Supplies 87.14Republic Services #346 74701 Trash Pick-Up 147.96OffsiteDataSync 74702 Online Backups 321.50Minuteman Press 74703 Medicare Plan Summary, Cover Letter Envelopes 10,400.91ACC Business 74704 Telephone Fiberoptics 529.76Specialty Mailing 74705 Service - Open Enrollment 1,098.30Jupiter Consulting Services, LLC 74706 Programming Consulting 504.00Blade Technologies 74707 Professional Services 3,867.50Shred-It USA 74708 Document Shredding 170.26Gallagher Benefit Services, Inc. 74709 Group Ins. Consulting Services Monthly Fee 3,320.25Gregory F.X. Daly, Collector of Revenue 74710 Water-City 134.43FreedomVoice 74711 Telephone Service 367.30Sheila P. Goodwin 74712 Reimbursement - NCTR Annual Conference 2,267.98CBRE - 608844 74713 Management Fee - October 2018 1,138.47CBRE - 608844 74714 Engineer Services 331.38Delta Pest Stl Inc. 74715 Pest Control 50.00St. Louis Mat & Linen Company 74716 Floor Mats 69.00Jarrell Mechanical Contractors 74717 HVAC Equipment Inspection 784.00John Steurer Plastering Co. Inc. 74718 Repairs Outside Plastering 1,375.00Cardinal Blinds & Shutters, LLC 74719 Aluminum Blinds 250.00Causeway Capital Management LLC 74720 3rd Quarter 2018 Management Fee 80,315.12Chicago Equity Partners, LLC 74721 3rd Quarter 2018 Management Fee 43,197.18The Edgar Lomax Company 74722 3rd Quarter 2018 Management Fee 44,466.79Fidelity Institutional Asset Mgmt. Trust Co. 74723 3rd Quarter 2018 Management Fee 71,146.75INTECH Investment Management LLC 74724 3rd Quarter 2018 Management Fee 34,291.63Manulife Asset Management U.S. LLC 74725 3rd Quarter 2018 Management Fee 32,041.71Westfield Capital Management Company, LP 74726 3rd Quarter 2018 Management Fee 72,161.67Progressive Investment Management Co., LLC 74727 3rd Quarter 2018 Management Fee 84,180.48Board of Education St. Louis Benefits Trust 74728 Office Employees Insurance - Dental 212.33Board of Education St. Louis Benefits Trust 74729 Office Employees Insurance - Vision 15.55Board of Education St. Louis Benefits Trust 74730 Office Employees Insurance - Life 135.35




Absopure Water Company 74755 Water Cooler Service 101.80Blade Technologies, Inc. 74756 Professional Services 1,491.84Crossroads Courier, Inc. 74757 Courier Service 7.49Charter Communications 74758 Charter Internet and Voice 189.96Specialty Mailing 74759 Postage - Daily Pickup 220.00Specialty Mailing 74760 Service - Election, Postage - Election Notice 3,902.95Specialty Mailing 74761 Postage - Fall Newsletter 2,174.59Hartnett Gladney Hetterman, L.L.C. 74762 Legal Fees 8,145.30Office Essentials 74763 Office Supplies 429.19The Berwyn Group 74764 Death Check Verification Services 60.00AT&T 74765 Monthly Service Charge 243.63MSD 74766 Sewer Service 57.68Randy Elam 74767 Office Supplies 59.95Jupiter Consulting Services, LLC 74768 Programming Consulting 3,339.00Gallagher Benefit Services, Inc. 74769 Group Ins. Consulting Services Monthly Fee 3,320.25Buck Global, LLC 74770 Actuarial & Consulting Services - October 2018 6,966.00

Public School Retirement System of the City of St. LouisChecks Written During the Month of November, 2018

2 of 2


Public School Retirement System of the City of St. LouisChecks Written During the Month of November, 2018

Microtek Document Imaging Systems, Inc. 74771 Imaging Hosting - October 2018 404.40Anders CPAs & Advisors 74772 GASB 68 7,621.00BuildingStars STL Operations, Inc. 74773 Janitorial Services 1,386.00CBRE - 608844 74774 Management Fee - November 2018 1,138.47CBRE - 608844 74775 Engineer Services 391.63St. Louis Mat & Linen Company 74776 Floor Mats 69.00Tech Electronics, Inc. 74777 Central Monitoring of Fire Alarm System 102.00Yardi Marketplace 74778 Supplies 260.40FastSigns 74779 Removal of Vandalized Sign 125.00US Bank 74780 3rd Quarter 2018 Custodial Fee 29,974.11


Office Payroll ACH Office Payroll 10,535.17AXA Equitable ACH 457 Contributions 2,070.00Purchase Power 74781 Postage 1,000.00Diana S. Daugherty, Chapter 13 Trustee 74782 Case No. xx-xx907 400.00

TOTAL $590,440.35

Public School Retirement System of the City of St. Louis (PSRSSTL)

3641 Olive Street, 2nd Floor Boardroom St. Louis, MO 63108

Voice: (314) 534-7444 Fax: (314) 534-0531

Website: http://www.psrsstl.org

Board of Trustees Regular Meeting Schedule

Calendar Year 2019

Unless otherwise posted, trustee meetings are conducted in the Boardroom on the 2nd floor of the Retirement System’s office building (address above)

February 25, 2019

April 22, 2019

June 17, 2019

August 19, 2019

October 21, 2019

December 16, 2019

PUBLIC SCHOOL RETIREMENT SYSTEM OF THE CITY OF ST. LOUIS

SCHEDULES OF PENSION INFORMATIONFOR PARTICIPATING EMPLOYERS

ANDINDEPENDENT AUDITORS' REPORT

YEARS ENDED DECEMBER 31, 2017 AND 2016

Contents

Page

Independent Auditors' Report 1 - 2

Schedules of Pension Information for Participating Employers

Schedules of Employer Allocations 3

Schedules of Pension Amounts by Employer 4 - 11

Notes to Schedules 12 - 17

Independent Auditors' Report

The Board of TrusteesPublic School Retirement System of the City of St. LouisSt. Louis, Missouri

Report on the Schedules

We have audited the accompanying schedules of employer allocations for Public SchoolRetirement System of the City of St. Louis (the "System") as of and for the years endedDecember 31, 2017 and 2016, and the related notes to the schedules. We have also auditedthe total for all entities of the columns titled net pension liability, total deferred outflows ofresources, total deferred inflows of resources, and total employer pension plan expense("specified column totals") included in the accompanying schedules of pension amounts byemployer of the System as of and for the years ended December 31, 2017 and 2016, and therelated notes to the schedules.

Management's Responsibility for the Schedules

The System's management is responsible for the preparation and fair presentation of theseschedules in accordance with accounting principles generally accepted in the United States ofAmerica; this includes the design, implementation, and maintenance of internal control relevantto the preparation and fair presentation of the schedules that are free from materialmisstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express opinions on the schedules of employer allocations and thespecified column totals included in the schedules of pension amounts by employer based onour audits. We conducted our audits in accordance with auditing standards generally acceptedin the United States of America. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the schedules of employer allocations andspecified column totals included in the schedules of pension amounts by employer are free frommaterial misstatement.

Page 1

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the schedules of employer allocations and specified column totals included in theschedules of pension amounts by employer. The procedures selected depend on the auditors'judgment, including the assessment of the risks of material misstatement of the schedules ofemployer allocations and specified column totals included in the schedules of pension amountsby employer, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the System's preparation and fair presentation of theschedules of employer allocations and specified column totals included in the schedules ofpension amounts by employer in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of theSystem's internal control. Accordingly, we express no such opinion. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as well as evaluating the overallpresentation of the schedules of employer allocations and specified column totals included inthe schedules of pension amounts by employer.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinions.

Opinions

In our opinion, the accompanying schedules referred to above present fairly, in all materialrespects, the employer allocations and net pension liability, total deferred outflows of resources,total deferred inflows of resources, and total employer pension plan expense for the total of allparticipating entities of the System as of and for the years ended December 31, 2017 and 2016,in accordance with accounting principles generally accepted in the United States of America.

Other Matters

We have audited, in accordance with auditing standards generally accepted in the UnitedStates of America, the financial statements of the System as of and for the years endedDecember 31, 2017 and 2016, and our report thereon, dated April 13, 2018, expressed anunmodified opinion on those financial statements.

Restriction of Use

Our report is intended solely for the information and use of the System's management, theBoard of Trustees, the System's employers, and their auditors and is not intended to be usedby anyone other than these specified parties.

October 15, 2018

Page 2

Public School Retirement System of the City of St. LouisSchedules of Employer Allocations

December 31, 2017 and 2016

2017 2016

Employer Employer Name Compensation

EmployerAllocation

Percentage Compensation

EmployerAllocation

Percentage

1 Public SchoolsRetirement System ofthe City of St. Louis $ 535,096 0.23 % $ 478,280 0.21 %

2 St. Louis Public Schools 175,741,386 74.74 173,412,355 76.473 Better Learning

CommunitiesAcademy - - - -

4 Carondelet LeadershipAcademy 2,269,316 0.97 2,007,245 0.88

5 City Garden MontessoriSchool 1,600,524 0.68 1,332,315 0.59

6 Confluence Academy 14,138,330 6.01 13,937,922 6.147 Construction Career

Center - - - -8 EAGLE College

Preparatory School 2,236,495 0.95 1,655,809 0.739 Gateway Science

Academy of St. Louis 5,785,082 2.46 4,794,992 2.1110 Grand Center Arts

Academy 3,124,331 1.33 3,155,676 1.3911 Hawthorn Leadership

School for Girls 1,210,545 0.51 879,164 0.3912 JAMAA Learning Center - - - -13 KIPP Inspire Academy 8,155,182 3.47 6,452,042 2.8414 La Salle Middle School 692,541 0.29 595,310 0.2615 Lafayette Preparatory

Academy 1,364,175 0.58 931,056 0.4116 Lift for Life Academy 3,601,413 1.53 3,636,601 1.6017 North Side Community

School 2,126,487 0.90 2,001,352 0.8818 Preclarus Mastery

Academy 754,013 0.32 608,211 0.2719 Premier Charter School 5,915,343 2.52 5,976,622 2.6320 South City Preparatory

Academy 1,917,863 0.82 1,476,991 0.6521 St. Louis Language

Immersion School 3,177,575 1.35 3,158,352 1.3922 The Arch Community

School 176,366 0.08 - -23 The Biome 610,529 0.26 352,188 0.16

Total Compensation forall Employers $ 235,132,592 100.00 % $ 226,842,483 100.00 %

See notes to schedules Page 3

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8,7

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1

Public School Retirement System of the City of St. LouisNotes to Schedules


1. Description of System

General

The Public School Retirement System of the City of St. Louis (the "System") is theadministrator of a cost-sharing multiple-employer defined benefit pension plan existingunder provisions of the Revised Statutes of the State of Missouri (the “Statutes”) toprovide retirement benefits for all employees of the Board of Education of the City of St.Louis, of the Charter Schools located within the St. Louis School District, and of allemployees of the System.

Operations and management of the System are generally prescribed in the Statutes andare supervised by the Board of Trustees. The System's annual reports for December 31,2017 and 2016 are available at www.psrsstl.org.

Membership and Eligibility

All persons employed on a full-time basis by the St. Louis Schools Board of Education,Charter Schools in the City of St. Louis, and the System are members of the plan as acondition of employment.

Benefits

Upon retirement at age 65, or at any age if age plus years of credited service equals orexceeds 80 (Rule of 80) for the year ended December 31, 2017 and 85 (Rule of 85) forthe year ended December 31, 2016, members receive monthly payments for life ofyearly benefits equal to years of credited service multiplied by 2% of average finalcompensation, but not to exceed 60% of average final compensation. Early retirementcan occur at age 60 with five years of service. The service retirement allowance isreduced five ninths of one percent for each month of commencement prior to age 65 orthe age at which the Rule of 80 would apply for the year ended December 31, 2017 andRule of 85 would apply for the year ended December 31, 2016, would have beensatisfied had the employee continued working until that age, if earlier.

In lieu of the benefit paid over the lifetime of the member, reduced benefit options areavailable for survivor and beneficiary payments.

Members are eligible, after accumulation of five years of credited service, for disabilitybenefits prior to eligibility of normal retirement. Survivor benefits are available forqualified beneficiaries of members who die after at least 18 months of activemembership.

Page 12



2. Summary of Significant Accounting Policies

Basis of Presentation and Accounting

The schedules of the System have been prepared in accordance with the criteriaestablished by the Governmental Accounting Standards Board ("GASB"), which is thesource of authoritative accounting principles generally accepted in the United States ofAmerica ("GAAP"), as applied to governmental units. The System's schedules areprepared using the accrual basis of accounting.

The System's employers are required to report pension information in their schedulesfor periods beginning after June 15, 2014, in accordance with Governmental AccountingStandards Board Statement No. 68, Accounting and Financial Reporting for Pensions.The Schedules of Employer Allocations and Pension Amounts by Employer provideemployers with the required information for financial reporting under that standard.

The underlying financial information used to prepare the pension allocation schedules isbased on the System's financial statements, accounting, and payroll reporting systems.

Member and employer contributions are recognized when due, pursuant to formalcommitments and statutory requirements. Benefits and refunds of employeecontributions are recognized when due and payable in accordance with the state ofMissouri statutes governing the System. Expenses are recognized when the liability isincurred, regardless of when payment is made. Investments are reported at fair value ona trade date basis.

Total employer compensation as of and for the years ended December 31, 2017 and2016, was used as the basis for determining each employer's proportionate share of thecollective pension amounts reported on the schedules, respectively.

Use of Estimates

The preparation of schedules in conformity with GAAP requires management to makeestimates and assumptions that affect certain reported amounts and disclosures.Accordingly, actual results could differ from those estimates.

Fair Value Measurements

The System follows guidance issued by the GASB on fair value measurements, whichestablishes a framework for measuring fair value, clarifies the definition of fair valuewithin that framework, and expands disclosures about the use of fair valuemeasurements. This guidance applies whenever fair value is the applicablemeasurement. The three general valuation techniques used to measure fair value arethe market approach, cost approach, and income approach.

Subsequent Events

The System has evaluated subsequent events through October 15, 2018, the date theschedules of pension information for participating employers were available to beissued.

Page 13



3. Schedules of Employer Allocations

The Schedules of Employer Allocations reflect employer compensation as of and for theyears ended December 31, 2017 and 2016 and includes the following for each individualemployer:

employer contributing entity;

the amount of the employer contributing entity's compensation; and,

the employer contributing entity's compensation as a percentage of total

employer compensation, as defined by this policy.

The components of the net pension liability of the participating employers as ofDecember 31, 2017 and 2016 are as follows:

2017 2016Total pension liability $ 1,673,122,191 $ 1,265,862,200Fiduciary net position 914,082,259 850,180,422Employers' net pension liability $ 759,039,932 $ 415,681,778

Plan net position as a percentage of total pensionliability %54.63 %67.16

Covered employee payroll $ 235,132,592 $ 226,842,483Employers' net pension liability

as a percentage of employee covered payroll %322.81 %183.25

4. Schedules of Pension Amounts by Employer

The Schedules of Pension Amounts by Employer include only certain categories ofdeferred outflows of resources and deferred inflows of resources. These includedifferences between expected and actual experience, changes in assumptions,differences between projected and actual earnings on plan investments, and changes inproportion and difference between employer contributions and proportionate share ofcontributions. The Schedules do not include deferred outflows/inflows of resources forchanges in the employer's proportionate share of contributions or employer contributionsmade subsequent to measurement date.

Page 14



5. Sensitivity of Net Pension Eligibility to Changes in the Discount Rate

The following presents the net pension liability at December 31, 2017 and 2016,calculated using the discount rate of 4.78 percent and 7.50 percent, respectively, as wellas what the net pension liability would have been if it were calculated using a discountrate that is one-percentage point lower or one-percentage-point higher than the currentrate:

1% Decrease(3.78%)

Current DiscountRate (4.78%)

1% Increase(5.78%)

Net pension liability - 2017 $ 961,985,980 $ 759,039,932 $ 590,565,070

1% Decrease(6.50%)

Current DiscountRate (7.50%)

1% Increase(8.50%)

Net pension liability - 2016 $ 541,091,150 $ 415,681,778 $ 309,269,186

The projection of cash flows used to determine the discount rate assumed that Systemcontributions will continue to follow the current funding policy. Based on thoseassumptions, the System's fiduciary net position was projected to be insufficient to makeall projected future benefit payments of current plan members.

Under GASB Statement No. 68, employers participating in the plan could recognize aproportionate share of total pension expense of $193,026,507 and $78,088,817 for theirfiscal years beginning after June 15, 2017 and 2016, respectively.

6. Actuarial Methods and Assumptions

The information presented in the aforementioned schedules was determined as part ofthe 2017 and 2016 actuarial valuation prepared by Conduent at June 8, 2018 and June5, 2017, respectively.

Additional information related to the above actuarial valuation, as applicable for bothyears presented, is as follows:

2017 2016Actuarial cost method Frozen entry age Frozen entry ageRate of investment return 4.78%, net of expenses 7.50%, net of expensesParticipant account interest

crediting rate 5.00% 5.00%Turnover or withdrawal rates Various by age and

year of membershipbased on actual

Various by age andyear of membershipbased on actual

Page 15



2017 2016Mortality and death rates a) RP-2014 Combined

Healthy Mortality Table(rolled back to 2006) foractive Members, anddeferred vestedMembers, projectedfully generationallyusing projection scaleMP- 2015.b) RP-2014 CombinedHealthy Mortality Table(rolled back to 2006) forInactive (In Receipt)Members adjusted byan additional 10% toaccount for the highermortality experiencedby the Plan, projectedfully generationallyusing projection scaleMP-2015.

a) RP-2014 CombinedHealthy Mortality Table(rolled back to 2006) foractive Members, anddeferred vestedMembers, projectedfully generationallyusing projection scaleMP- 2015.b) RP-2014 CombinedHealthy Mortality Table(rolled back to 2006) forInactive (In Receipt)Members adjusted byan additional 10% toaccount for the highermortality experiencedby the Plan, projectedfully generationallyusing projection scaleMP-2015.

Disability rates RP-2014 DisabilityMortality Table (rolledback to 2006)

RP-2014 DisabilityMortality Table (rolledback to 2006)

Rates of retirement between theages of 55 and 70

Various based onactual experience of theSystem

Various based on actualexperience of theSystem

Rate of salary increases Salaries are assumedto increase at the rateof 5.0% per year for thefirst five years ofemployment and at therate of 3.5% per yearthereafter

Salaries are assumedto increase at the rateof 5.0% per year for thefirst five years ofemployment and at therate of 3.5% per yearthereafter

Asset valuation method The assumed yieldmethod of valuingassets

The assumed yieldmethod of valuingassets

The Unfunded Actuarial Accrued Liability ("UFAAL") was originally determined andfrozen as of January 1, 1981. Effective January 1, 2006, the UFAAL was re-determined.The UFAAL is being amortized over thirty (30) years.

Benefit changes effective as of August 28, 2017:

1. Reduce the "Rule of 85" to "Rule of 80."2. Change the percent of pay benefit multiplier from 2.00 percent of Average

Final Compensation to 1.75 percent of Average Final Compensation formembers hired on or after January 1, 2018.

Page 16



Contribution changes effective as of August 28, 2017:

1. Increase the employee contribution requirement from a flat 5.00 percent ofcompensation during 2017 to 9.00 percent in 0.50 percent annualincrements for employees hired before January 1, 2018.

2. Set employee contribution rate to a flat 9.00 percent for employees hired onor after January 1, 2018.

3. Set the employer contribution rate to a flat 16.00 percent of covered payrollfor plan year 2018 with annual decreases of 0.50 percent until reaching 9.00percent of covered payroll.

Assumption changes effective as of January 1, 2017:

1. Revised investment return assumption of 7.50 percent to a blended discountrate of 4.78 percent. Blended discount rate is a municipal bond rate of 3.16percent and long-term rate of return of 7.50 percent.

As of December 31, 2017, cumulative impact of changes from the prior valuation was anincrease in the Entry Age Normal Liability by approximately $72.7 million.

Assumption changes effective as of January 1, 2016:

1. Revised investment return assumption of 7.50% based on analysis of assetallocation.

2. Updated Withdrawal assumption based on Plan experience for the 5 yearsending December 31, 2015.

3. Updated Retirement assumption based on Plan experience for the 5 yearsending December 31, 2015.

4. Revised Salary increase assumption.5. Updated mortality assumption, reflecting most recent mortality improvements.

Cumulative impact on Net Pension Liability at December 31, 2016 is an increase of$70.5 million.

Page 17

Year ExpensesYvette Levy NASP 06/13/16 06/15/16 Atlanta, GA 2016 1,915.37Paula Bentley NCTR 07/22/18 07/25/18 Berkley, CA 2018 1,273.13Paula Bentley MAPERS 07/25/18 07/27/18 Osage Beach, MO 2018 603.02Sheila Goodwin NEPC 05/13/18 05/16/18 Boston, MA 2018 1,474.74Sheila Goodwin NASP 06/03/18 06/06/18 Houston, TX 2018 1,433.09Sheila Goodwin NCTR 07/22/18 07/25/18 Berkley, CA 2018 2,187.18Sheila Goodwin NCTR 10/06/18 10/09/18 Washington, DC 2018 2,267.98Bobbie Richardson NASP 06/03/18 06/06/18 Houston, TX 2018 1,541.23Bobbie Richardson NCTR 10/06/18 10/09/18 Washington, DC 2018 2,205.52

$14,901.26

The following travel expenses were approved by the Board of Trustees at a meeting on December 17, 2018.

TRAVEL EXPENSESAPPROVED BY THE BOARD OF TRUSTEES

December 17, 2018

Name Sponsor Start Date End Date Location

Total 2016 & 2018 Travel Expenses

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8.


Operating Budget - Calendar Year 2019

Page 2 of 8 December 17, 2018

Asset Assumptions (as of 9/30/18) Investment Accounts Billed Indirectly (fees not budgeted) $312.8 million

Investment Accounts Billed Directly 455.0 million Financial Investments 767.8 million Real Estate Investments 51.7 million Private Market Investments (fees not budgeted) 34.7 million

Total Fund ....................................................................................................................................... $854.2 million

Investment Management Fees Investment Accounts Billed Directly

$455.0 million in assets at 58.1 basis points $2,643,550 Real Estate Investments

$51.7 million in assets at 86 basis points 444,620 Investment Management Fees .........................................................................................................$3,098,170

Trust & Custody Bank Services U.S. Bank

14 Separate Accounts at $1,000/account $14,000 Domestic Assets of $323.9 million at 1.5 basis points 48,585 Foreign Equity Assets of $47.9 million at 8 basis points 38,320 Miscellaneous Administrative Fees (Global Equities) 25,000 Trust & Custody Bank Services .......................................................................................................... $125,905

Investment Consulting New England Pension Consultants

Financial Composite First $100 million at 3 basis points $30,000 Second $100 million at 2 basis points 20,000 Next $567.8 million at 1.5 basis point 85,170

Financial Composite Expenses 135,170 Alternative Investments Expenses 50,000 Investment Consulting ........................................................................................................................... $185,170




Actuarial Services Buck Global, LLC

Retirement and Purchase of Service Calculations, Retirement Estimates $70,000 Valuation Report, Board Meetings, Annual Audit, General Consulting 46,000 Annual Benefit Statements, Miscellaneous Actuarial Services 20,000 Actuarial Services ..................................................................................................................................... $136,000

Legal Services Hartnett Gladney Hetterman, LLC

General Legal Counsel $110,000 Investment Agreement Reviews 30,000 Legal Services ........................................................................................................................................... $140,000

Auditing Services Anders Minkler Huber & Helm LLP

Annual Audit (financial statements & GASB No. 68) $67,600 Accounting Services (CAFR & other requirements) 5,510 Auditing Services ....................................................................................................................................... $73,110

Trustee Elections Active Trustee Elections (5,000 eligible voters)

Election Commissioner Costs $3,000 Miscellaneous Costs (i.e. ballot return postage) 500 Postage Service at $1.29/voter 6,450 Printing & Mail Service at $1.32/voter 6,600 Cost Per Active Trustee Election (includes 2nd notice) 16,550 Two Active Trustee Elections at $16,550 33,100

Retired Trustee Elections (4,250 eligible voters) Election Commissioner Costs 3,500 Miscellaneous Costs (i.e. ballot return postage) 2,000 Postage Service at 86¢/voter 3,655 Printing & Mail Service at 88¢/voter 3,740

One Retired Trustee Election 12,895 Trustee Elections ....................................................................................................................................... $45,995

Technology Services, Computer Consulting & Software (see Technology Budget, page 8)

Technical Services, Consulting & Support $104,920 Software Purchases & Licenses 14,185 Technology Services, Computer Consulting & Software .............................................................$119,105

Physician Fees Disability Medical Evaluations ............................................................................................................... $2,000




Property Management, Security & Utilities Property Management at $1,162/month $13,944 Property Management Services (trash, janitorial, maintenance) 60,000 Security Monitoring 1,800 Property Management & Security Monitoring 75,744 Charter Internet Service at $179/month 2,148 Fiber Optic Internet Service at $550/month 6,600 AT&T Telephone Service at $250/month 3,000 Freedom Voice Telephone Service at $425/month 5,100 Ameren UE Electric Service 29,500 MSD/St. Louis City Water 1,200 Utilities 47,548 Property Management, Security & Utilities .................................................................................... $123,292

Postage & Delivery Quarterly Newsletter at $3,100/mailing $12,400 Health Insurance Open Enrollment Packets – 3,200 at $1.75 each 5,600 Annual Report Summaries – 9,500 at 60¢ each 5,700 1099R Forms – 5,600 at 59¢ each 3,304 Annual Benefit Statements – 5,400 at 56¢ each 3,024 Miscellaneous Postage & Delivery 20,000

Postage & Delivery ................................................................................................................................... $50,028

Printing & Office Supplies Quarterly Newsletter at $1,835/mailing $7,340 Annual Reports – 125 at $14.75 each 1,844 Annual Report Summaries – 10,000 at 98¢ each 9,800 Health Insurance Open Enrollment Packets – 3,600 at $2.74 each 9,864 Miscellaneous Printing & Office Supplies 20,000

Printing & Office Supplies...................................................................................................................... $48,848

Equipment Maintenance & Purchases Maintenance Contracts & Leases

IBM AS 400 Computer $1,500 Paymaster Check Writer 500 Dynamic Microfiche Reader/Printer 500 Firewall Maintenance & Subscription Service 500 Konica & Toshiba Printers 3,000 Pitney Bowes Mail System 5,640 Maintenance Contract & Leases 11,640

Equipment Purchases (see Technology Budget, page 8) 20,450

Equipment Maintenance & Purchases ............................................................................................... $32,090




Business Insurance Fiduciary Coverage $60,179 Crime Coverage & Treasurer’s Bond 3,177 Property, Casualty & Workers’ Compensation Coverage 17,678 Insurance Brokerage Services 15,000

Business Insurance ................................................................................................................................... $96,034

Trustee Educational Expenses Projected for 2019 ...................................................................................................................................... $35,000

Retiree Insurance, Consulting & Open Enrollment (Based on October 2018 enrollment levels)

Retiree Health Care Insurance Subsidy Medical Insurance: 2,250 members @ $80.00/member/month $2,160,000 Dental Insurance: 2,850 members @ $5.95/member/month 203,490 Vision Insurance: 3,050 members @ $2.61/member/month 95,526 Health Insurance Consulting 39,850 Open Enrollment Assistance 5,000

Retiree Insurance, Consulting & Open Enrollment ................................................................. $2,503,866

Miscellaneous Expenses Bank Account Fees $28,800 Public Parking, Subscriptions & Meetings 4,000 Unforeseen Building Supplies & Equipment 2,500

Miscellaneous Expenses ......................................................................................................................... $35,300

Special Projects Planned for 2019 Boardroom Painting & Carpet, Building Signage $5,000

Special Projects Planned for 2019 ........................................................................................................... $5,000

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NAME \POSITION DATE

Pamela Braun 12/1/2018 Normal 13.9265 $31,421.51 $729.32Teacher Assistant

Nancy Briggs 12/1/2018 Normal 18.4444 $57,236.34 $1,759.49Teacher

Lillie Bryant-Simpson 12/1/2018 Normal 12.7222 $30,187.23 $400.05Teacher

Tyrone Van Buren 12/1/2018 Early 7.5122 $36,921.76 $418.61Custodian

RETIREMENT




Page 1 of 1 January 2019


NAME \POSITION DATE

Shaun Albright 1/1/2019 Normal 12.1261 $26,029.04 $324.05Recruitment Office Assistant

Lee Brown 1/1/2019 Early 13.5278 $61,598.45 $1,265.36Teacher

Susan Fletcher 1/1/2019 Normal 9.9250 $25,566.69 $215.95Nurse

Janice Jackson 1/1/2019 Normal 17.7333 $37,138.30 $1,097.64Teacher

Joseph Jones 1/1/2019 Early 7.4087 $120,728.63 $1,149.95Coordinator VICC

Eleanor Patton 1/1/2019 Normal 30.0000 $62,184.17 $3,109.21Safety Officer

Kimberly Schilli 1/1/2019 Early 19.8222 $51,041.24 $1,371.05

Margaret Yehling 1/1/2019 Normal 27.0833 $67,421.29 $3,043.32Teacher

RETIREMENT




Page 1 of 1 February 2019

Pag

e 1

of 1

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1 of 1


Date Paid December 5, 2018

Ameren Missouri 74797 Electric Service 2,248.08Office Essentials 74798 Office Supplies 527.11Republic Services #346 74799 Trash Pick-Up 177.55OffsiteDataSync 74800 Online Backups 321.50Minuteman Press 74801 Fall Newsletters, Envelopes 2,494.14ACC Business 74802 Telephone Fiberoptics 529.76Specialty Mailing 74803 Service - Election Mailing 805.32Specialty Mailing 74804 Service - Fall Newsletter 930.92Jupiter Consulting Services, LLC 74805 Programming Consulting 8,253.00FreedomVoice 74806 Telephone Service 388.24Crossroad Courier, Inc. 74807 Courier Service 7.49Konika Minolta Business Solutions USA Inc. 74808 Service - Copier C364E 826.84Arthur J. Gallagher Risk Mgmt. Services, Inc. 74809 Public Official Bond - Louis C. Cross, III, Treas. 1,296.00The Hartford 74810 Business Owners, Workers Compensation 17,196.00Mellon Capital Management Corporation 74811 3rd Quarter 2018 Management Fee 65,254.41Mellon Capital Management Corporation 74812 3rd Quarter 2018 Management Fee 673.48NEPC, LLC 74813 3rd Quarter 2018 Consulting Fee 33,612.37NEPC, LLC 74814 3rd Quarter 2018 Alt. Investment Mgmt. Fee 12,500.00Board of Education St. Louis Benefits Trust 74815 Office Employees Insurance - Dental 212.33Board of Education St. Louis Benefits Trust 74816 Office Employees Insurance - Vision 15.55Board of Education St. Louis Benefits Trust 74817 Office Employees Insurance - Life 135.35




Absopure Water Company 74846 Water Cooler Service 132.65Blade Technologies, Inc. 74847 Professional Services 1,426.84Crossroads Courier, Inc. 74848 Courier Service 7.22Charter Communications 74849 Charter Internet and Voice 189.96Specialty Mailing 74850 Postage - Daily Pickup 190.00Specialty Mailing 74851 Postage - Election Notice 1,898.67Hartnett Gladney Hetterman, L.L.C. 74852 Legal Fees 3,783.50Office Essentials 74853 Office Supplies 943.40The Berwyn Group 74854 Death Check Verification Services 50.00AT&T 74855 Monthly Service Charge 243.63MSD 74856 Sewer Service 57.68Randy Elam 74857 License Renewal - Website Backup Tool 40.00Jupiter Consulting Services, LLC 74858 Programming Consulting 3,150.00Gallagher Benefit Services, Inc. 74859 Group Ins. Consulting Services Monthly Fee 3,320.25Buck Global, LLC 74860 Actuarial & Consulting Services - November 2018 6,166.00Microtek Document Imaging Systems, Inc. 74861 Imaging Hosting - November 2018, Scanning 508.99BuildingStars STL Operations, Inc. 74862 Janitorial Services 1,386.00Minuteman Press 74863 Envelopes 122.75MVP Security LLC - SRG 74864 July thru December Parking - 2 Employees 780.00Purchase Power 74865 Postage 500.00Pitney Bowes Global Financial Services LLC 74866 Lease Charges 1,410.00Pitney Bowes, Inc. 74867 Postage Supplies 153.42NCTR 74868 2019 Membership - Annual Renewal 2,000.00Tiffany Jones 74869 Earned and Unused Vacation 436.76


Office Payroll ACH Office Payroll 11,082.80AXA Equitable ACH 457 Contributions 2,070.00Diana S. Daugherty, Chapter 13 Trustee 74870 Case No. xx-xx907 400.00

TOTAL $204,008.76

Public School Retirement System of the City of St. LouisChecks Written During the Month of December, 2018

1 of 1

Payee Ck. Number Description AmountDate Paid January 4, 2019Office Payroll ACH Office Payroll 9,928.36AXA Equitable ACH 457 Contributions 2,040.00Date Paid January 7, 2019

Ameren Missouri 74871 Electric Service 2,476.62Office Essentials 74872 Office Supplies 275.96Republic Services #346 74873 Trash Pick-Up 177.55OffsiteDataSync 74874 Online Backups 321.50ACC Business 74875 Telephone Fiberoptics 529.76Specialty Mailing 74876 Service - Ballot Mailing 2,328.56Crossroad Courier, Inc. 74877 Courier Service 20.63BuildingStars STL Operations, Inc. 74878 Janitorial Supplies 834.57MVP Security LLC - SRG 74879 January 2019 Parking - 2 Employees 130.00GCI Security, Inc. 74880 Security Guard 12/17/2018 144.00Shred-It USA 74881 Document Shredding 91.49Gregory F.X. Daly, Collector of Revenue 74882 City Earnings Tax - Fourth Quarter 2018 894.40Andrew Clark 74883 Office Supplies 27.27American Solutions For Business 74884 1099R Forms and Envelopes 889.22CBRE - 608844 74885 Management Fee - December 2018 1,138.47CBRE - 608844 74886 Engineer Services 271.13St. Louis Mat & Linen Company 74887 Floor Mats 241.50Delta Pest Stl Inc. 74888 Pest Control 100.00Weber Fire and Safety 74889 Annual Inspection, Maintenance 317.58Systematic Financial Management, LP 74890 4th Quarter 2018 Management Fee 64,960.75Board of Education St. Louis Benefits Trust 74891 Office Employees Insurance - Dental 185.95Board of Education St. Louis Benefits Trust 74892 Office Employees Insurance - Vision 11.65Board of Education St. Louis Benefits Trust 74893 Office Employees Insurance - Life 125.20Date Paid January 18, 2019Office Payroll ACH Office Payroll 10,025.30AXA Equitable ACH 457 Contributions 2,040.00Date Paid January 22, 2019Absopure Water Company 74914 Water Cooler Service 53.85Blade Technologies, Inc. 74915 Professional Services 1,293.34Crossroads Courier, Inc. 74916 Courier Service 14.45Charter Communications 74917 Charter Internet and Voice 189.96Hartnett Gladney Hetterman, L.L.C. 74918 Legal Fees 5,264.00Office Essentials 74919 Office Supplies 797.79The Berwyn Group 74920 Death Check Verification Services 2,000.00AT&T 74921 Monthly Service Charge 252.74MSD 74922 Sewer Service 57.68Gallagher Benefit Services, Inc. 74923 Group Ins. Consulting Services Monthly Fee 3,320.25Buck Global, LLC 74924 Actuarial & Consulting Services - December 2018 4,874.00BuildingStars STL Operations, Inc. 74925 Janitorial Services 1,386.00Purchase Power 74926 Postage 500.00Freedom Voice 74927 Telephone Service 388.24Windstream Communications 74928 Telephone, Data 88.68Piedmont Investment Advisors, LLC 74929 4th Quarter 2018 Management Fee 8,633.85TCW Asset Management Company 74930 4th Quarter 2018 Management Fee 49,359.18Progress Investment Management Co., LLC 74931 4th Quarter 2018 Management Fee 75,020.37Date Paid January 31, 2019Specialty Mailing 74965 Postage - 1099R Mailing 2,428.11Republic Services #346 74966 Trash Pick-Up 177.55MAPERS 74967 Plan Sponsor Membership Dues - 2019 100.00

TOTAL $256,727.46

Public School Retirement System of the City of St. LouisChecks Written During the Month of January, 2019

No Meeting Minutes

January 18, 2019 Mr. Andrew Clark Executive Director PSRS of the City of St. Louis 3641 Olive Street, Suite 300 St. Louis, MO 63108-3601 RE: Public School Retirement System of the City of St. Louis - Section 105.665 Cost Statement – Updated from previous letter dated December 12, 2017 Dear Members of the Public School Retirement System of the City of St. Louis Board:

The purpose of this letter is to provide the Public School Retirement System of the City of St. Louis Board with an updated cost statement that may be required under the Missouri Revised Statute Section 105.665 in connection with the changes contained in CCS HCS SS SB 62 or other legislation containing the same provisions. This statement is updated for two reasons:

1. Reflect the census data and actuarial valuation results as of January 1, 2018

2. Reflect a comparison using the actuarial results as of January 1, 2018, but also using an estimated January 1, 2019 asset value reflecting assumed returns in 2018.

A summary of the changes in plan provisions contained in CCS HCS SS SB 62 that are subject to this statement are as follows:

1. Reduce the "Rule of 85" unreduced retirement from age plus service equal to 85 to 80 (i.e. change it to a "Rule of 80").

2. Change the percent of pay benefit multiplier from 2.00% of Average Final Compensation to 1.75% of Average Final Compensation for members hired on or after January 1, 2018.

3. For employees hired before January 1, 2018, change the employee contribution requirement from a flat 5.0% of compensation to 9.0% in 0.5% annual increments. For employees hired on or after January 1, 2018, the employee contribution requirement will be a flat 9.0% immediately upon entering the system.

4. The employer contribution rate will be set at a flat 16.0% of covered payroll for Plan Year 2018. This contribution rate shall be decreased by 0.5% in each subsequent Plan Year until reaching 9.0% of covered payroll. After this, the employer contribution rate will remain at 9.0% of covered payroll.

9401 James Avenue Suite 140 Bloomington, MN 55431

Public School Retirement System of the City of St. Louis Section 105.665 Cost Statement – Updated January 2019

2

Our updated cost statement, numbered to correspond with Section 105.665, follows below:

1. The level normal cost of plan benefits previously in effect would have been $26,057,446 or 9.80% of expected mid-year covered payroll, as presented in Exhibit 1.

2. The contribution amount for the Unfunded Actuarial Accrued Liability would have been $24,329,252 or 9.16% of expected mid-year covered payroll as presented in Exhibit 1. The amortization period used to determine this amount was 18 years.

3. The total required contribution amount from items one and two above is $50,386,698 or 18.96% of expected mid-year covered payroll.

4. The total contribution rate under the previous plan provisions as defined in item three above would have been paid by all of the employers in the Plan.

5. The plan's actuarial value of assets was $899,816,911 as of January 1, 2018, the market value of assets was $914,082,259, the actuarial accrued liability under the Entry Age Normal cost method would have been $1,249,241,347, and the funded ratio would have been 72.03%.

6. The total required pre-change contribution amount would have been $50,386,698, or 18.96% of expected mid-year covered payroll. This amount was determined assuming that the changes in the plan provisions were not effective with the January 1, 2018 actuarial valuation. The calculation of this amount is presented in Exhibit I. The total required post-change contribution amount, determined as of the January 1, 2018 valuation was $47,096,163, or 17.72% of expected mid-year covered payroll. This amount was determined assuming all applicable plan provisions and assumptions as indicated in the January 1, 2018 actuarial valuation.

7. A 15-year projection of annual plan costs and funded ratios is presented in Exhibit II. There are three different projection results shown: i) using the old plan provisions, ii) only reflecting changing the Rule of 85 to the Rule of 80, and iii) reflecting all plan changes contained in CCS HCS SS SB 62.

8. CCS HCS SS SB 62 mandates employer contributions as 16.0% in the first year of implementation, 15.5% in the second year, 15.0% in the third year, 14.5% in the fourth year, 14.0% in the fifth year, 13.5% in the sixth year, 13.0% in the seventh year, 12.5% in the eighth year, 12.0% in the ninth year, 11.5% in the tenth year, 11.0% in the eleventh year, 10.5% in the twelfth year, 10.0% in the thirteenth year, 9.5% in the fourteenth year, or 9.0% in the fifteenth year or any year thereafter.

9. The proposed plan changes will impair the ability of the plan to meet the obligations due to the employer contribution being lower than the actuarially determined contribution in years when the statutory employer contribution rate is lower than the actuarially determined contribution rate. The total amount of the shortfall of employer contributions through 2034 is projected to be $44,542,000.


3

10. Exhibit III presents the three projections as above: i) using the old plan provisions, ii) only reflecting changing the Rule of 85 to the Rule of 80, and iii) reflecting all plan changes contained in CCS HCS SS SB 62, but with estimated January 1, 2019 asset values. The estimated asset value reflects actual market value as of November 30, 2018 and rolls forward to January 1, 2019 assuming a 0% return for December. Actual benefit payments and contributions in December were reflected in this calculation.

This exhibit displays the impact of a year with asset returns lower than the assumed 7.50% rate of return. For the projection period, we are now showing a shortfall of employer contributions through 2034 as $451,269,000 compared to the $44,542,000 above assuming a 7.50% return in 2018. In comparison, the projected funded ratio in 2034 under this scenario is 72.15% compared to the 92.05% assuming a 7.50% return in 2018.

11. The actuarial assumptions used in the January 1, 2018 actuarial valuation are presented in Exhibit IV. Any assumptions used for the projections that are not listed in Exhibit IV are included with the projection results in Exhibit II and Exhibit III.

12. The Actuary’s certification is below.

13. The actuarial funding method used in preparing the valuation along with the method applied in amortizing the Unfunded Actuarial Accrued Liability is described in Exhibit IV.

In preparing the actuarial valuation and this cost analysis, we have employed generally accepted actuarial methods and assumptions, in conjunction with employee data and financial information provided to us by the System, to determine a sound value for the System liability. The employee data has not been audited, but it has been reviewed and found to be consistent, both internally and with prior years' data. The validity of the cost analysis results is dependent upon the accuracy of the data and financial information provided.

In our opinion, the actuarial assumptions used are reasonable, taking into account the experience of the System and reasonable long-term expectations, and represent our best estimate of the anticipated long-term experience under the System. The actuary performs an analysis of System experience periodically and recommends changes if, in the opinion of the actuary, assumption changes are needed to more accurately reflect expected future experience. The Experience Study for the period January 1, 2011 to December 31, 2015 was prepared by Buck and approved by the Board for use beginning with the January 1, 2017 actuarial valuation and will remain in effect for valuation purposes until such time as the Board adopts revised assumptions. The next Experience Study will be based on the period from January 1, 2016 to December 31, 2020 and upon approval by the Board will be the basis of valuations performed from January 1, 2022 through January 1, 2026. A summary of all assumptions and methods used are as described in this report.

Where presented, references to “funded percent” and “unfunded accrued liability” typically are

measured on an actuarial value of assets basis. It should be noted that the same measurements using market value of assets would result in different funded ratios and unfunded accrued liabilities.


4

Moreover, the funded ratio presented is appropriate for evaluating the need and level of future contributions but makes no assessment regarding the funded status of the plan if the plan were to settle (i.e. purchase annuities) for a portion or all of its liabilities.

Future contribution requirements may differ from those determined in the cost analysis because of:

(1) differences between actual experience and anticipated experience based on the assumptions;

(2) changes in actuarial assumptions or methods;

(3) changes in statutory provisions;

(4) differences between actuarially required contributions and actual contributions. Due to the limited scope of the assignment, we did not perform an analysis of the potential range of future contributions other than incorporating updated asset return information for 2018.

The undersigned meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein, and is available to answer questions regarding this report.

I believe that the assumptions and methods used for these estimates are individually and in aggregate, reasonable and in combination represent a best estimate of anticipated experience under the plan. I believe that this report conforms with the requirements of the Missouri statutes, and where applicable, other federal and accounting laws, regulations and rules, as well as actuarial principles and practices in accordance with all Actuarial Standards of Practice (ASOPs).

Sincerely,

Troy Jaros, FSA, EA, MAAA, FCA Director, Retirement Actuary

Exhibit I

Old Plan Provisions Rule of 80 Only

All Plan Changes

1. Actuarial present value of future benefitsa. Active participants

i. Retirement benefits 378,041,210 400,526,731 401,152,551 ii. Vested withdrawal benefits 54,162,592 51,265,454 51,489,121 iii. Refund of contributions 7,565,257 7,565,257 8,055,910 iv. Survivor benefits 4,902,546 4,493,199 4,509,859 v. Disability benefits 11,831,337 10,981,304 10,984,219

Total 456,502,942 474,831,945 476,191,660 b. Retired participants and beneficiaries 901,926,852 901,926,852 901,926,852 c. Inactive participants

i. Vested participants 25,299,400 25,299,400 25,299,400 ii. Nonvested participants 7,779,159 7,779,159 7,779,159 Total 33,078,559 33,078,559 33,078,559

d. Total actuarial present value of future benefits 1,391,508,353 1,409,837,356 1,411,197,071 2. Unfunded frozen actuarial accrued liability as of January 1, 2018 236,139,939 252,241,956 252,911,307 3. Actuarial value of assets as of December 31, 2017 899,816,911 899,816,911 899,816,911 4. Actuarial present value of future participant contributions 88,398,847 85,615,575 127,776,813 5. Actuarial present value of future employer normal costs

(1)(d) - (2) - (3) - (4), not less than $0 167,152,656 172,162,914 130,692,040 6. Actuarial present value of future covered compensation

of current participants 1,767,976,934 1,712,311,502 1,712,311,502 7. Employer normal cost rate, (5) / (6) 9.45% 10.05% 7.63%8. Total covered payroll 265,773,659 265,773,659 265,773,659 9. Normal cost for 2018 25,115,611 26,710,253 20,278,530 10.Normal cost contribution for 2018

(9) adjusted for interest to end of year 26,057,446 27,711,887 21,038,975 11.AAL contribution for 2018 24,329,252 25,988,226 26,057,188 12.Recommend Employer Contribution for 2018 50,386,698 53,700,113 47,096,163

Recommended Contribution by Employer TypeBoard of Education 37,140,486 39,582,834 34,715,003 Retirement System 105,444 112,378 98,558 Charter Schools 13,140,768 14,004,901 12,282,602

50,386,698 53,700,113 47,096,163

St. Louis PSRSDetermination of Employer Contribution

2018

5

Pu

blic

Sch

oo

l Ret

irem

ent

Syst

em o

f th

e C

ity

of

St. L

ou

is

Jan

uar

y 1,

201

8 P

roje

ctio

ns

Bas

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e P

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Old

Pla

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sio

ns

Be

fore

Ch

ange

s

(nu

mb

ers

in t

ho

usa

nd

s)

Exh

ibit

II

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

Liab

ilitie

s

Pre

sent

Val

ue o

f Fut

re B

enef

its1,

391,

508

1,38

5,49

6

1,

389,

744

1,39

4,08

9

1,

399,

595

1,

405,

241

1,41

1,65

9

1,

419,

403

1,

428,

420

1,43

9,80

2

1,

452,

707

1,46

7,60

0

1,

484,

546

1,

502,

369

1,52

3,00

2

1,

546,

053

1,57

0,79

9

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ry A

ge N

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al (E

AN

) Acc

rued

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bilit

y1,

249,

241

1,24

0,85

5

1,

242,

915

1,24

5,31

8

1,

248,

889

1,

252,

427

1,25

6,52

5

1,

261,

835

1,

268,

323

1,27

7,01

3

1,

287,

097

1,29

8,94

1

1,

312,

679

1,

327,

178

1,34

4,30

7

1,

363,

632

1,38

4,42

5

Fun

ded

Per

cent

*72

.03%

73.4

3%74

.38%

75.3

0%76

.30%

77.3

8%78

.54%

79.7

9%81

.10%

82.5

0%83

.97%

85.4

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.07%

88.6

8%90

.35%

92.0

4%93

.76%

Sala

ry

Leg

acy

265,

774

22

8,79

3

203,

433

18

4,74

9

170,

483

159,

472

14

9,94

5

141,

218

133,

188

12

5,70

2

118,

733

11

1,83

1

105,

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98,8

30

92,5

34

86,3

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132,

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14

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3

16

0,62

9

174,

247

18

7,60

3

201,

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21

4,39

3

22

7,75

2

241,

203

25

4,72

1

268,

428

Tot

al26

5,77

4

264,

753

26

6,28

5

269,

279

27

3,01

7

27

7,59

7

282,

669

28

8,07

1

29

3,81

7

299,

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30

6,33

6

312,

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31

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13,2

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13,3

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Ann

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**50

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45

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C

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.00%

17.5

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.17%

15.6

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14.6

7%14

.18%

13.7

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12.7

7%12

.31%

11.8

6%11

.42%

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5%

* U

sing

EA

N L

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and

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Incl

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any

pla

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s**

*May

diff

er fr

om s

umm

ing

due

to ro

undi

ng

Proj

ectio

n As

sum

ptio

ns:

(1) N

ew E

ntra

nts:

A

ctiv

e m

embe

rshi

p as

sum

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sta

y at

the

Janu

ary

1, 2

018

leve

l thr

ough

out p

roje

ctio

n (5

,138

act

ive

mem

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),N

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com

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into

the

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hav

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tics

of n

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mpl

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s ov

er th

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st fi

ve y

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(2) E

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ses:

P

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e as

sum

ed to

rem

ain

at th

e 20

17 le

vel (

$1,6

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00)

(3) E

xpen

se &

Con

tinge

ncy

Res

erve

: Th

e ex

pens

e &

con

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rese

rve

is a

ssum

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rem

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at th

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8 le

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$30,

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000)

(4) D

efer

red

Ves

ted

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bers

: D

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red

vest

ed m

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rs a

re a

ssum

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150%

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heir

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unt b

alan

ce a

t age

65.

(5) N

on-v

este

d Te

rmin

ated

Mem

bers

: N

on-v

este

d te

rmin

ated

mem

bers

are

ass

umed

to re

ceiv

e 10

0% o

f the

ir ac

coun

t bal

ance

at a

ge 6

5.

Con

trib

utio

n D

evel

opm

ent f

or

Follo

win

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ar

6

Pu

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Sch

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l Ret

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t Sy

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of

the

Cit

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f St

. Lo

uis

Jan

uar

y 1,

201

8 P

roje

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ns

Ru

le o

f 80

Pro

ject

ion

- R

ule

of

85 c

han

ged

to

Ru

le o

f 80

(nu

mb

ers

in t

ho

usa

nd

s)

Exh

ibit

II

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

Liab

ilitie

s

Pre

sent

Val

ue o

f Fut

re B

enef

its1,

409,

837

1,40

5,70

7

1,

411,

498

1,41

7,19

9

1,

423,

870

1,

430,

512

1,43

7,76

7

1,

446,

258

1,

455,

919

1,46

7,74

9

1,

480,

814

1,49

5,69

6

1,

512,

468

1,

529,

987

1,55

0,21

8

1,

572,

773

1,59

7,03

9

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ry A

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) Acc

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bilit

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265,

343

1,25

8,95

1

1,

262,

661

1,26

6,49

8

1,

271,

299

1,

275,

846

1,28

0,76

0

1,

286,

804

1,

293,

886

1,30

2,95

5

1,

313,

095

1,32

4,83

5

1,

338,

305

1,

352,

389

1,36

9,03

2

1,

387,

743

1,40

7,93

1

Fun

ded

Per

cent

*71

.11%

72.3

5%73

.40%

74.4

2%75

.52%

76.6

9%77

.94%

79.2

7%80

.67%

82.1

4%83

.67%

85.2

6%86

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88.5

8%90

.31%

92.0

8%93

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Sala

ry

Leg

acy

265,

774

22

7,84

1

201,

848

18

2,54

3

167,

773

156,

246

14

6,29

4

137,

238

128,

729

12

0,64

8

113,

059

10

5,74

8

98,7

79

92,0

45

85,5

73

79,1

53

72,8

36

N

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mpl

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s-

36,5

35

63,8

27

85,8

89

104,

194

120,

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13

4,95

6

149,

314

163,

404

17

7,34

2

191,

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20

4,66

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Con

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12.2

1%11

.75%

11.3

1%10

.92%

10.5

9%10

.35%

10.2

8%10

.59%

* Usi

ng E

AN L

iabi

lity

and

AVA

**In

clud

es a

ny p

lan

chan

ges

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ay d

iffer

from

sum

min

g du

e to

roun

ding

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n A

ssum

ptio

ns:

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ew E

ntra

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hip

assu

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to s

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at th

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nuar

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ject

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ctiv

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rant

s co

min

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to th

e pl

an h

ave

the

aver

age

char

acte

ristic

s of

new

em

ploy

ees

over

the

last

five

yea

rs.

(2) E

xpen

ses:

Pl

an e

xpen

ses

paid

are

ass

umed

to re

mai

n at

the

2017

leve

l ($1

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,000

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(3) E

xpen

se &

Con

tinge

ncy

Res

erve

: Th

e ex

pens

e &

cont

inge

ncy

rese

rve

is a

ssum

ed to

rem

ain

at th

e Ja

nuar

y 1,

201

8 le

vel (

$30,

751,

000)

(4) D

efer

red

Vest

ed M

embe

rs:

Def

erre

d ve

sted

mem

bers

are

ass

umed

to re

ceiv

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0% o

f the

ir ac

coun

t bal

ance

at a

ge 6

5.

(5) N

on-v

este

d Te

rmin

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bers

: N

on-v

este

d te

rmin

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mem

bers

are

ass

umed

to re

ceiv

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0% o

f the

ir ac

coun

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ance

at a

ge 6

5.

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trib

utio

n D

evel

opm

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or

Follo

win

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ar

8

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blic

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oo

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f th

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uar

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use

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or

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of

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201

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n P

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sio

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fore

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ange

s

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mb

ers

in t

ho

usa

nd

s)

Exh

ibit

III

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

Liab

ilitie

s

Pre

sent

Val

ue o

f Fut

re B

enef

its1,

391,

508

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6

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389,

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679

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327,

178

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7

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cent

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71.9

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13,6

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14,1

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14,4

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2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

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s

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,520

15

,851

16

,192

16

,546

16

,910

17

,286

Empl

oyer

Con

trib

utio

ns

Sta

tuto

ry50

,763

53,4

31

54,0

91

55,9

41

57,3

31

58,3

32

58,8

66

59,0

58

58,9

82

58,6

74

58,1

74

57,5

20

56,7

77

55,9

27

54,9

65

53,9

41

52,7

90

Asse

ts

Mar

ket V

alue

(MV

A)

914,

082

83

5,51

0

847,

976

86

2,01

7

879,

699

899,

589

92

2,06

8

947,

522

975,

585

1,

007,

004

1,04

0,74

7

1,

077,

237

1,11

6,49

6

1,15

7,40

2

1,

201,

804

1,24

9,17

9

1,

298,

965

A

ctua

rial V

alue

(AV

A)

899,

817

89

3,15

3

891,

399

89

3,21

1

900,

376

911,

220

92

5,92

1

944,

685

966,

995

99

3,46

7

1,02

2,95

5

1,

055,

785

1,09

1,89

7

1,13

0,09

7

1,

172,

171

1,21

7,54

4

1,

265,

609

A

mor

tizat

ion

Per

iod

1817

1615

1413

1211

109

87

65

43

2

Pla

n C

hang

es16

,102

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

U

nfun

ded

Act

uaria

l Acc

rued

Lia

bilit

y**

252,

242

24

9,11

1

242,

784

23

6,74

7

229,

409

220,

772

21

0,78

2

199,

561

187,

137

17

3,53

2

158,

754

14

2,79

0

125,

645

107,

293

87

,681

66

,861

44

,802

Am

ortiz

atio

n of

UA

AL

25,9

88

26

,406

26

,558

26

,820

27

,024

27

,169

27

,249

27

,280

27

,263

27

,204

27

,104

26

,959

26

,768

26

,519

26

,179

25

,711

24

,951

Nor

mal

Cos

t27

,712

27,4

29

28,8

04

29,7

71

30,3

89

30,6

76

30,7

26

30,5

62

30,2

48

29,8

03

29,2

47

28,6

31

27,9

90

27,2

82

26,6

07

25,9

29

25,2

51

Ann

ual R

equi

red

Con

tribu

tion*

**53

,700

53,8

35

55,3

63

56,5

92

57,4

13

57,8

45

57,9

76

57,8

42

57,5

11

57,0

08

56,3

50

55,5

89

54,7

58

53,8

01

52,7

86

51,6

40

50,2

02

Con

tribu

tion

Rat

e20

.21%

20.3

6%20

.84%

21.0

8%21

.11%

20.9

3%20

.61%

20.1

9%19

.69%

19.1

3%18

.53%

17.9

1%17

.27%

16.6

1%15

.95%

15.2

7%14

.52%

* U

sing

EA

N L

iabi

lity

and

AV

A**

Incl

udes

any

pla

n ch

ange

s**

*May

diff

er fr

om s

umm

ing

due

to ro

undi

ng

Proj

ectio

n As

sum

ptio

ns:

(1) N

ew E

ntra

nts:

A

ctiv

e m

embe

rshi

p as

sum

ed to

sta

y at

the

Janu

ary

1, 2

018

leve

l thr

ough

out p

roje

ctio

n (5

,138

act

ive

mem

bers

),N

ew E

ntra

nts

com

ing

into

the

plan

hav

e th

e av

erag

e ch

arac

teris

tics

of n

ew e

mpl

oyee

s ov

er th

e la

st fi

ve y

ears

.

(2) E

xpen

ses:

P

lan

expe

nses

pai

d ar

e as

sum

ed to

rem

ain

at th

e 20

17 le

vel (

$1,6

14,0

00)

(3) E

xpen

se &

Con

tinge

ncy

Res

erve

: Th

e ex

pens

e &

con

tinge

ncy

rese

rve

is a

ssum

ed to

rem

ain

at th

e Ja

nuar

y 1,

201

8 le

vel (

$30,

751,

000)

(4) D

efer

red

Ves

ted

Mem

bers

: D

efer

red

vest

ed m

embe

rs a

re a

ssum

ed to

rece

ive

150%

of t

heir

acco

unt b

alan

ce a

t age

65.

(5) N

on-v

este

d Te

rmin

ated

Mem

bers

: N

on-v

este

d te

rmin

ated

mem

bers

are

ass

umed

to re

ceiv

e 10

0% o

f the

ir ac

coun

t bal

ance

at a

ge 6

5.

(6) J

anua

ry 1

, 201

9 E

stim

ated

Ass

ets:

A

ctua

l MV

A a

s of

Nov

embe

r 30,

201

8 ro

lled

forw

ard

to J

anua

ry 1

, 201

9 us

ing

a 0%

retu

rn, a

long

with

act

ual D

ecem

ber b

enef

it pa

ymen

ts a

nd c

ontri

butio

ns.

Con

trib

utio

n D

evel

opm

ent f

or

Follo

win

g Ye

ar

10

Pu

blic

Sch

oo

l Ret

irem

ent

Syst

em o

f th

e C

ity

of

St. L

ou

is

Jan

uar

y 1

, 20

18

Pro

ject

ion

s

Cu

rren

t A

sset

Info

use

d f

or

Esti

mat

ed A

sset

s as

of

Jan

uar

y 1

, 20

19

Pro

po

sed

Pla

n P

roje

ctio

n -

All

Ch

ange

s R

efle

cted

(nu

mb

ers

in t

ho

usa

nd

s)

Exh

ibit

III

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

Liab

ilitie

s

Pre

sent

Val

ue o

f Fut

re B

enef

its1,

411,

197

1,40

6,75

5

1,

412,

059

1,41

6,97

5

1,

422,

574

1,42

7,65

3

1,

433,

300

1,43

9,97

2

1,

447,

656

1,45

7,40

5

1,

468,

196

1,48

0,52

4

1,

494,

595

1,50

9,10

1

1,

526,

142

1,54

5,24

4

1,

565,

781

E

ntry

Age

Nor

mal

(EAN

) Acc

rued

Lia

bilit

y1,

266,

013

1,25

9,26

4

1,

262,

421

1,26

5,39

6

1,

268,

972

1,27

1,87

0

1,

275,

027

1,27

9,17

4

1,

284,

213

1,29

1,07

5

1,

298,

808

1,30

7,92

8

1,

318,

573

1,32

9,58

6

1,

342,

922

1,35

8,05

9

1,

374,

392

F

unde

d Pe

rcen

t*71

.07%

70.9

3%70

.01%

69.3

4%68

.89%

68.6

0%68

.49%

68.5

4%68

.73%

69.0

2%69

.36%

69.7

6%70

.21%

70.6

6%71

.15%

71.6

6%72

.15%

Sala

ry

Leg

acy

265,

774

22

7,84

1

201,

848

18

2,54

3

167,

773

15

6,24

6

146,

294

13

7,23

8

128,

729

12

0,64

8

113,

059

10

5,74

8

98,7

79

92,0

45

85,5

73

79,1

53

72,8

36

N

ew E

mpl

oyee

s-

36

,535

63

,827

85

,889

10

4,19

4

120,

080

13

4,95

6

149,

314

16

3,40

4

177,

342

19

1,03

7

204,

666

21

8,23

6

231,

792

24

5,34

0

259,

036

27

2,87

4

T

otal

265,

774

26

4,37

6

265,

675

26

8,43

2

271,

967

27

6,32

6

281,

250

28

6,55

2

292,

133

29

7,99

0

304,

096

31

0,41

4

317,

015

32

3,83

7

330,

913

33

8,18

9

345,

710

Empl

oyee

Con

trib

utio

n R

ates

L

egac

y5.

50%

6.00

%6.

50%

7.00

%7.

50%

8.00

%8.

50%

9.00

%9.

00%

9.00

%9.

00%

9.00

%9.

00%

9.00

%9.

00%

9.00

%9.

00%

N

ew E

mpl

oyee

s9.

00%

9.00

%9.

00%

9.00

%9.

00%

9.00

%9.

00%

9.00

%9.

00%

9.00

%9.

00%

9.00

%9.

00%

9.00

%9.

00%

9.00

%9.

00%

Empl

oyer

Con

trib

utio

n R

ates

C

alcu

late

d R

ate

19.1

0%17

.72%

17.4

8%17

.91%

18.2

3%18

.48%

18.6

6%18

.84%

19.0

5%19

.36%

19.7

9%20

.44%

21.4

0%22

.85%

25.0

8%28

.68%

35.0

4%

Sta

tuto

ry R

ate

19.1

0%16

.00%

15.5

0%15

.00%

14.5

0%14

.00%

13.5

0%13

.00%

12.5

0%12

.00%

11.5

0%11

.00%

10.5

0%10

.00%

9.50

%9.

00%

9.00

%

Sho

rtfal

l in

Stat

utor

y R

ate

0.00

%-1

.72%

-1.9

8%-2

.91%

-3.7

3%-4

.48%

-5.1

6%-5

.84%

-6.5

5%-7

.36%

-8.2

9%-9

.44%

-10.

90%

-12.

85%

-15.

58%

-19.

68%

-26.

04%

Empl

oyee

Con

trib

utio

ns

Leg

acy

14,6

18

13

,670

13

,120

12

,778

12

,583

12

,500

12,4

35

12

,351

11

,586

10,8

58

10

,175

9,51

7

8,

890

8,28

4

7,

702

7,12

4

6,

555

N

ew E

mpl

oyee

s-

3,

288

5,74

4

7,

730

9,37

7

10

,807

12,1

46

13

,438

14

,706

15,9

61

17

,193

18,4

20

19,6

41

20,8

61

22,0

81

23,3

13

24,5

59

T

otal

Em

ploy

ee C

ontri

butio

ns14

,618

16,9

58

18,8

64

20,5

08

21,9

60

23,3

07

24

,581

25,7

89

26,2

92

26

,819

27,3

68

27

,937

28

,531

29

,145

29

,783

30

,437

31

,114

Empl

oyer

Con

trib

utio

ns

Cal

cula

ted

50,7

63

46

,847

46

,440

48

,076

49

,580

51

,065

52,4

81

53

,986

55

,651

57,6

91

60

,181

63,4

49

67,8

41

73,9

97

82,9

93

96,9

93

121,

137

Sta

tuto

ry50

,763

42,3

00

41,1

80

40,2

65

39,4

35

38,6

86

37

,969

37,2

52

36,5

17

35

,759

34,9

71

34

,146

33

,287

32

,384

31

,437

30

,437

31

,114

Sho

rtfal

l in

Stat

utor

y C

ontri

butio

n-

(4

,547

)

(5

,260

)

(7

,811

)

(1

0,14

5)

(12,

379)

(1

4,51

2)

(16,

734)

(1

9,13

4)

(21,

932)

(2

5,21

0)

(29,

303)

(3

4,55

4)

(41,

613)

(5

1,55

6)

(66,

556)

(9

0,02

3)

C

umul

ativ

e Sh

ortfa

ll Am

ount

-

(4,5

47)

(9,8

07)

(17,

618)

(2

7,76

3)

(40,

142)

(5

4,65

4)

(71,

388)

(9

0,52

2)

(112

,454

)

(1

37,6

64)

(166

,967

)

(2

01,5

21)

(243

,134

)

(2

94,6

90)

(361

,246

)

(4

51,2

69)

Ass

ets

M

arke

t Val

ue (M

VA)

914,

082

83

5,51

0

840,

448

84

6,22

1

853,

481

86

0,90

7

869,

392

87

9,57

2

891,

258

90

4,60

7

918,

652

93

3,87

0

950,

319

96

6,80

0

985,

148

1,

004,

777

1,02

5,01

9

Act

uaria

l Val

ue (A

VA)

899,

817

89

3,15

3

883,

871

87

7,41

5

874,

158

87

2,53

9

873,

245

87

6,73

6

882,

668

89

1,07

0

900,

859

91

2,41

8

925,

720

93

9,49

5

955,

516

97

3,14

2

991,

663

A

mor

tizat

ion

Perio

d18

1716

1514

1312

1110

98

76

54

32

P

lan

Cha

nges

16,7

71

N

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/AN

/A

Unf

unde

d Ac

tuar

ial A

ccru

ed L

iabi

lity*

*25

2,91

1

242,

916

24

0,03

6

238,

965

23

9,27

5

240,

648

24

2,76

5

245,

377

24

8,33

8

251,

551

25

4,90

4

258,

370

26

1,88

9

265,

488

26

9,16

9

273,

003

27

7,03

8

A

mor

tizat

ion

of U

AAL

26,0

57

25

,749

26

,258

27

,072

28

,186

29

,615

31,3

84

33

,542

36

,179

39,4

35

43

,519

48,7

80

55,7

94

65,6

19

80,3

65

104,

980

15

4,29

0

N

orm

al C

ost

21,0

39

20

,462

21

,334

21

,862

22

,065

21

,960

21,5

93

21

,049

20

,368

19,5

39

18

,646

17,6

49

16,6

43

15,5

90

14,5

57

13,5

09

12,4

82

Annu

al R

equi

red

Con

tribu

tion*

**47

,096

46,2

11

47,5

92

48,9

34

50,2

51

51,5

76

52

,977

54,5

91

56,5

47

58

,974

62,1

65

66

,429

72

,437

81

,209

94

,922

11

8,48

9

166,

772

C

ontri

butio

n R

ate

17.7

2%17

.48%

17.9

1%18

.23%

18.4

8%18

.66%

18.8

4%19

.05%

19.3

6%19

.79%

20.4

4%21

.40%

22.8

5%25

.08%

28.6

8%35

.04%

48.2

4%

* Usi

ng E

AN L

iabi

lity

and

AVA

**In

clud

es a

ny p

lan

chan

ges

***M

ay d

iffer

from

sum

min

g du

e to

roun

ding

Proj

ectio

n A

ssum

ptio

ns:

(1) N

ew E

ntra

nts:

Ac

tive

mem

bers

hip

assu

med

to s

tay

at th

e Ja

nuar

y 1,

201

8 le

vel t

hrou

ghou

t pro

ject

ion

(5,1

38 a

ctiv

e m

embe

rs),

New

Ent

rant

s co

min

g in

to th

e pl

an h

ave

the

aver

age

char

acte

ristic

s of

new

em

ploy

ees

over

the

last

five

yea

rs.

(2) E

xpen

ses:

Pl

an e

xpen

ses

paid

are

ass

umed

to re

mai

n at

the

2017

leve

l ($1

,614

,000

)

(3) E

xpen

se &

Con

tinge

ncy

Res

erve

: Th

e ex

pens

e &

cont

inge

ncy

rese

rve

is a

ssum

ed to

rem

ain

at th

e Ja

nuar

y 1,

201

8 le

vel (

$30,

751,

000)

(4) D

efer

red

Vest

ed M

embe

rs:

Def

erre

d ve

sted

mem

bers

are

ass

umed

to re

ceiv

e 15

0% o

f the

ir ac

coun

t bal

ance

at a

ge 6

5.

(5) N

on-v

este

d Te

rmin

ated

Mem

bers

: N

on-v

este

d te

rmin

ated

mem

bers

are

ass

umed

to re

ceiv

e 10

0% o

f the

ir ac

coun

t bal

ance

at a

ge 6

5.

(6) J

anua

ry 1

, 201

9 Es

timat

ed A

sset

s:

Actu

al M

VA a

s of

Nov

embe

r 30,

201

8 ro

lled

forw

ard

to J

anua

ry 1

, 201

9 us

ing

a 0%

retu

rn, a

long

with

act

ual D

ecem

ber b

enef

it pa

ymen

ts a

nd c

ontri

butio

ns.

Con

trib

utio

n D

evel

opm

ent f

or

Follo

win

g Ye

ar

11

Exhibit IV

Interest 7.5% per annum, which includes a 2.75% allowance for inflation.

Participant account interest crediting rate 5.0% per annum.

Expenses The rate of interest assumed is net of expenses.

Mortality – Healthy Lives Mortality tables issued by the SOA, the RP-2014 Combined Healthy Mortality Table (rolled back to 2006), projected fully generationally using projection scale MP-2015. The mortality assumption for Inactive participants receiving benefits is increased by 10% to account for the higher mortality experienced by the Plan. Rates are shown for pre-commencement in Table 1 and post-commencement in Table 2.

Disability Mortality RP-2014 Disabled Mortality Table (rolled back to 2006) for disabled retired Members, projected fully generationally using projection scale MP-2015. Rates are shown in Table 6.

Withdrawal Withdrawals are assumed to occur at rates based on actual experience of the retirement system. During the first five years of membership, withdrawals are assumed to occur at the following rates:

Year of Membership

Non-charter school employees

Charter school employees

1st 25.0% 35.0% 2nd 20.0% 35.0% 3rd 20.0% 35.0% 4th 20.0% 25.0% 5th 15.0% 15.0%

The rates used after the first five years of membership are shown in Table 3.

Salary scale Salaries are assumed to increase at the rate of 5.0% per year for the first 5 years of employment and 3.50% thereafter.

Disability Disabilities are assumed to occur at rates based on the actual experience of the retirement system. The rates used are shown in Table 5.

12

Exhibit IV

Retirement Retirements occur at rates based on the actual experience of the retirement system. The age-related rates used are shown in Table 4. The rates are different for those eligible to retire under the Rule of 80 and those not eligible to retire under the Rule of 80.

Family Structure The probability of a participant being married and the probable number of children are based on a table constructed by the Social Security Administration, modified to reflect the experience of the retirement system. The rates used are shown in Table 7. For married participants, husbands are assumed to be 3 years older than their wives.

Usage of Cash-out Option Participants terminating in vested status are given the option of taking a refund of their accumulated participant contributions instead of a deferred retirement benefit. Active members who terminate in the future with a vested benefit are assumed to take a deferred vested annuity, unless a refund of contributions and interest is greater than the actuarial present value of their vested deferred benefit.

Future Benefit Increases or Additional Benefits When funding is adequate, the Board may authorize cost of living adjustments (COLAs), as noted in the summary of plan provisions. This valuation assumes that no future COLAs will be awarded.

Actuarial Method – Frozen Entry Age The actuarial cost method used by the System is the "frozen entry age actuarial cost method." Under this method, on the initial actuarial valuation date for which the cost method is used, the annual cost accruals (individual normal costs for each participant) are determined as a level percentage of pay for each year from entry age until retirement or termination. The initial Unfunded Frozen Actuarial Accrued Liability (UFAAL) was originally determined as of January 1, 1981. Entry age is determined at the date each participant would have entered the System. The sum of these individual normal costs for all active participants whose attained ages are under the assumed retirement age is the normal cost for the initial plan year. The excess of all normal costs falling due prior to the initial actuarial valuation date, accumulated with interest, over the plan assets establishes the UFAAL.

The UFAAL is only frozen in that it is not adjusted due to experience gains and losses. Instead, gains and losses are reflected through changes in the normal cost accrual rate. The UFAAL does change, increasing due to interest and additional normal costs, and decreasing due to contributions. Any changes to plan provisions or actuarial assumptions results in a change to the UFAAL. The amount of the change is determined by computing the impact in the actuarial accrued liability as of the valuation date coincident with or next following the change.

13

Exhibit IV

Normal costs are calculated as the level percentage of pay required to fund the excess of the actuarial present value of future benefits over the sum of the actuarial value of current assets and the remaining UFAAL.

Effective January 1, 2006, UFAAL was reestablished to better reflect an appropriate relationship between the normal cost and the actuarial accrued liability.

The funding requirement for each plan year is the sum of the "normal cost contribution" (equal to the normal cost for that year), plus the "actuarial accrued liability contribution." The "actuarial accrued liability contribution" is the payment required to amortize the UFAAL over 30 years, from January 1, 2006, the date that it was reestablished.

Valuation of Assets The actuarial value of assets is determined using the assumed yield method of valuing assets. Under the assumed yield asset valuation method, the prior year’s actuarial value is increased at the assumed rate of

return with appropriate adjustments for contributions and disbursements to produce an expected actuarial value of assets at the end of the year. The expected actuarial value is compared to the market value of assets less the expense and contingency reserve, and 20% of the difference is added to the expected actuarial value. The actuarial value of assets was “fresh-started” as of January 1, 2006 and set equal to the market value of assets as of that date.

14

Exhibit IV

Table 1 Mortality Rates for Pre-Commencement Annual Rates Per 1,000 Members

Rate Rate

Age Male Female Age Male Female 20 0.190 0.116 60 2.959 3.365 21 0.203 0.113 61 3.369 3.668 22 0.215 0.114 62 3.704 3.986 23 0.233 0.119 63 4.180 4.314 24 0.251 0.126 64 4.540 4.648

25 0.275 0.134 65 4.892 4.983 26 0.314 0.147 66 5.398 5.314 27 0.327 0.153 67 5.731 5.636 28 0.336 0.162 68 5.858 5.945 29 0.353 0.171 69 6.143 6.240

30 0.380 0.193 70 6.210 6.517 31 0.427 0.239 71 7.026 7.108 32 0.481 0.273 72 8.658 8.290 33 0.540 0.298 73 11.106 10.064 34 0.601 0.319 74 14.369 12.429

35 0.662 0.337 75 18.448 15.385 36 0.720 0.354 76 23.343 18.932 37 0.774 0.369 77 29.054 23.071 38 0.800 0.386 78 35.581 27.801 39 0.821 0.406 79 42.924 33.122

40 0.841 0.442 80 51.083 39.034 41 0.863 0.484 81 58.516 43.204 42 0.890 0.533 82 66.910 47.896 43 0.922 0.586 83 74.584 53.181 44 0.961 0.644 84 84.893 59.146

45 1.005 0.682 85 94.233 67.435 46 1.044 0.719 86 104.477 76.970 47 1.085 0.755 87 118.458 87.853 48 1.128 0.817 88 134.192 97.854 49 1.172 0.883 89 148.298 111.198

50 1.217 0.985 90 167.257 122.890 51 1.262 1.100 91 182.177 134.949 52 1.309 1.271 92 202.142 147.094 53 1.401 1.468 93 218.060 162.763 54 1.503 1.700 94 233.954 174.573

55 1.671 1.969 95 255.453 185.756 56 1.883 2.287 96 271.129 196.137 57 2.132 2.577 97 286.358 210.344 58 2.424 2.817 98 308.123 218.852 59 2.677 3.081 99 322.695 226.123

15

Exhibit IV

Table 2 Mortality Rates for Post-Commencement Annual Rates Per 1,000 Members

Rate Rate


25 0.275 0.134 65 9.703 9.235 26 0.314 0.147 66 11.004 10.170 27 0.327 0.153 67 12.182 11.175 28 0.336 0.162 68 13.160 12.271 29 0.353 0.171 69 14.537 13.503

30 0.380 0.193 70 15.686 14.919 31 0.427 0.239 71 17.356 16.177 32 0.481 0.273 72 19.271 17.994 33 0.540 0.298 73 21.465 19.543 34 0.601 0.319 74 23.946 21.660

35 0.662 0.337 75 27.356 23.365 36 0.720 0.354 76 30.490 25.743 37 0.774 0.369 77 34.715 29.017 38 0.800 0.386 78 39.486 31.986 39 0.821 0.406 79 44.915 35.314

40 0.841 0.442 80 51.083 39.034 41 0.890 0.484 81 58.516 43.204 42 0.987 0.533 82 66.910 47.896 43 1.133 0.586 83 74.584 53.181 44 1.328 0.644 84 84.893 59.146

45 1.572 0.689 85 94.233 67.435 46 1.864 0.778 86 104.477 76.970 47 2.205 0.912 87 118.458 87.853 48 2.595 1.090 88 134.192 97.854 49 3.034 1.313 89 148.298 111.198

50 3.521 1.580 90 167.257 122.890 51 3.556 1.697 91 182.177 134.949 52 3.546 1.914 92 202.142 147.094 53 3.595 2.193 93 218.060 162.763 54 3.643 2.532 94 233.954 174.573

55 3.798 2.935 95 255.453 185.756 56 4.033 3.418 96 271.129 196.137 57 4.344 3.908 97 286.358 210.344 58 4.758 4.385 98 308.123 218.852 59 5.165 4.929 99 322.695 226.123 16

Exhibit IV

Table 3 Withdrawal Rates Annual Rates Per 1,000 Members

Age Rate Age Rate

20 204.0 45 44.0 21 197.0 46 41.0 22 190.0 47 37.0 23 184.0 48 34.0 24 177.0 49 31.0

25 171.0 50 28.0 26 161.0 51 26.0 27 151.0 52 25.0 28 141.0 53 24.0 29 131.0 54 23.0

30 121.0 55 22.0 31 117.0 56 21.0 32 112.0 57 20.0 33 108.0 58 19.0 34 103.0 59 18.0

35 99.0 60 17.0 36 96.0 61 0.0 37 92.0 62 0.0 38 89.0 63 0.0 39 86.0 64 0.0

40 83.0 41 75.0 42 67.0 43 59.0 44 52.0

17

Exhibit IV

Table 4 Retirement Rates Annual Rates Per 1,000 Members

Age Rule of 80

Rate Not Rule of 80

Rate

50-51 200.0 N/A 52-59 150.0 N/A

60 200.0 100.0 61 200.0 100.0 62 250.0 150.0 63 250.0 150.0 64 250.0 200.0 65 300.0 350.0 66 300.0 200.0 67 300.0 200.0 68 300.0 200.0 69 300.0 200.0

70 - 71 300.0 300.0 72 1,000.0 1,000.0

18

Exhibit IV

Table 5 Disability Rates Annual Rates Per 1,000 Members

Rate Rate

Age Males Females Age Males Females 20 0.00 0.00 45 1.50 1.00 21 0.00 0.00 46 1.60 1.10 22 0.00 0.00 47 1.70 1.20 23 0.00 0.00 48 1.80 1.30 24 0.00 0.00 49 1.90 1.40

25 0.00 0.00 50 2.00 1.50 26 0.00 0.00 51 2.50 1.70 27 0.00 0.00 52 3.00 1.90 28 0.00 0.00 53 3.50 2.10 29 0.00 0.00 54 4.00 2.30

30 0.40 0.40 55 4.50 2.50 31 0.40 0.40 56 4.70 2.60 32 0.40 0.40 57 4.90 2.75 33 0.40 0.40 58 5.10 2.85 34 0.40 0.40 59 5.30 3.00

35 0.40 0.40 60 5.50 3.25 36 0.45 0.45 61 6.00 3.50 37 0.50 0.50 62 6.50 3.50 38 0.60 0.60 63 7.00 3.50 39 0.70 0.70 64 7.50 3.50

40 0.80 0.75 65 0.00 0.00 41 0.95 0.80 42 1.10 0.85 43 1.25 0.90 44 1.40 0.95

19

Exhibit IV

Table 6 Post-Disability Mortality Rates Annual Rates Per 1,000 Members

Rate Rate


25 22.571 7.450 65 50.174 28.026 26 22.571 7.450 66 52.213 29.594 27 22.571 7.450 67 54.450 31.325 28 22.571 7.450 68 56.909 33.234 29 22.571 7.450 69 59.613 35.335

30 22.571 7.450 70 62.583 37.635 31 22.571 7.450 71 65.841 40.140 32 22.571 7.450 72 69.405 42.851 33 22.571 7.450 73 73.292 45.769 34 22.571 7.450 74 77.512 48.895

35 22.571 7.450 75 82.067 52.230 36 22.571 7.450 76 86.951 55.777 37 22.571 7.450 77 92.149 59.545 38 22.571 7.450 78 97.640 63.545 39 22.571 7.450 79 103.392 67.793

40 22.571 7.450 80 109.372 72.312 41 22.571 7.450 81 115.544 77.135 42 22.571 7.450 82 121.877 82.298 43 22.571 7.450 83 128.343 87.838 44 22.571 7.450 84 134.923 93.794

45 22.571 7.450 85 141.603 100.203 46 23.847 8.184 86 148.374 107.099 47 25.124 8.959 87 155.235 114.512 48 26.404 9.775 88 162.186 122.464 49 27.687 10.634 89 169.233 130.972

50 28.975 11.535 90 183.408 140.049 51 30.268 12.477 91 199.769 149.698 52 31.563 13.456 92 216.605 159.924 53 32.859 14.465 93 233.662 170.433 54 34.152 15.497 94 250.693 182.799

55 35.442 16.544 95 267.491 194.509 56 36.732 17.598 96 283.905 205.379 57 38.026 18.654 97 299.852 215.240 58 39.334 19.710 98 315.296 223.941 59 40.668 20.768 99 330.207 231.387

20

Exhibit IV

Table 7 Family Structure

Age Age of youngest

child

Average number

of children

Probability of being married

Probability of children if married Male Female

20 17 2 .90 .30 .50 21 18 2 .90 .35 .50 22 19 2 .98 .40 .50 23 20 2 .98 .46 .53 24 21 3 1.05 .53 .56 25 22 3 1.13 .60 .59 26 23 4 1.20 .67 .62 27 24 4 1.28 .74 .65 28 25 4 1.35 .76 .67 29 26 5 1.43 .78 .69 30 27 5 1.50 .80 .71 31 28 6 1.58 .82 .73 32 29 6 1.65 .84 .75 33 30 7 1.80 .85 .76 34 31 7 1.95 .86 .77 35 32 8 2.10 .87 .78 36 33 8 2.10 .87 .79 37 34 9 2.10 .87 .80 38 35 9 2.30 .87 .79 39 36 10 1.95 .87 .78 40 37 10 1.88 .87 .77 41 38 11 1.80 .87 .76 42 39 11 1.73 .87 .75 43 40 11 1.73 .87 .72 44 41 12 1.65 .87 .69 45 42 12 1.65 .86 .66 46 43 12 1.58 .86 .63 47 44 12 1.58 .86 .60 48 45 12 1.50 .85 .56 49 46 12 1.43 .85 .52 50 47 13 1.43 .85 .48 51 48 13 1.35 .85 .44 52 49 13 1.35 .85 .40 53 50 13 1.35 .85 .37 54 51 13 1.35 .84 .34

21

Exhibit IV

Table 7 Family Structure (continued)

Age Age of youngest

child

Average number

of children

Probability of being married

Probability of children if married Male Female

55 52 13 1.28 .84 .31 56 53 13 1.28 .83 .28 57 54 13 1.28 .83 .25 58 55 13 1.28 .83 .23 59 56 13 1.20 .82 .21 60 57 13 1.20 .81 .19 61 58 13 1.20 .80 .17 62 59 13 1.20 .79 .15 63 60 13 1.20 .78 .13 64 61 13 1.20 .77 .11 65 62 13 1.13 .76 .09 66 63 13 1.13 .75 .07 67 64 13 1.13 .74 .05 68 65 13 1.13 .73 .04 69 66 13 1.05 .72 .03 70 67 13 1.05 .71 .02 71 68 13 1.05 .70 .01

22

Pu

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f th

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2019

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2021

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1,01

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7,75

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6,28

5

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279

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3,01

7

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597

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2,66

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1,61

5

1,

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1,12

0,44

5

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476

1,18

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226,

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1,35

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899,

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2,38

9

921,

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317

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516

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18

0,19

5

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2021

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LUE

Annual Year- RemainingExpense Or Budget To-Date Budget(Revenue) Category Amount Expenses Amount

Salaries 507,620$ 524,826$ (17,206)$ Employee Benefits 209,327 210,456 (1,129)Investment Management Fees 3,194,571 2,736,400 458,171Trust & Custody Bank Services 117,245 118,506 (1,261)Investment Consultant 186,775 186,683 92Actuarial Services 156,000 139,075 16,925Legal Services 185,000 128,598 56,402Auditing Services 71,610 66,317 5,294Technology Services 125,865 112,831 13,034Disability Medical Evaluations 2,000 700 1,300Property Management 119,488 108,482 11,006Postage & Delivery Services 51,239 41,935 9,304Printing & Office Supplies 48,718 48,766 (48)Equipment Maintenance & Purchases 16,540 12,339 4,201Business Insurance 95,595 93,517 2,078Trustee Education 35,000 21,646 13,354Trustee Elections 23,554 23,404 150Retiree Insurance & Consulting 2,557,002 2,421,780 135,222Miscellaneous - Includes Bank Acct Fees 37,900 29,906 7,994Special Projects 5,000 3,444 1,556(Securities Lending Revenue) (150,000) (99,874) (50,126)(Commission Recapture Revenue) (25,000) (8,935) (16,065)(VA Lease Revenue) (157,530) (157,219) (311)

7,413,519$ 6,763,582$ 649,937$

Public School Retirement System of the City of St. LouisYear-To-Date Budget Analysis as of December 31, 2018

Total

Annual Year- RemainingExpense Or Budget To-Date Budget(Revenue) Category Amount Expenses Amount

Salaries 477,882$ 33,826$ 444,056$ Employee Benefits 200,827 7,912 192,915Investment Management Fees 3,098,170 197,974 2,900,196Trust & Custody Bank Services 125,905 - 125,905Investment Consultant 185,170 - 185,170Actuarial Services 136,000 4,874 131,126Legal Services 140,000 5,264 134,736Auditing Services 73,110 - 73,110Technology Services 119,105 3,615 115,490Disability Medical Evaluations 2,000 - 2,000Property Management 123,292 5,974 117,318Postage & Delivery Services 50,028 2,963 47,065Printing & Office Supplies 48,848 2,136 46,712Equipment Maintenance & Purchases 32,090 - 32,090Business Insurance 96,034 - 96,034Trustee Education 35,000 - 35,000Trustee Elections 45,995 2,329 43,666Retiree Insurance & Consulting 2,503,866 194,404 2,309,462Miscellaneous - Includes Bank Acct Fees 35,300 1,943 33,357Special Projects 5,000 - 5,000(Securities Lending Revenue) (150,000) (6,767) (143,233)(Commission Recapture Revenue) (20,000) (429) (19,571)(VA Lease Revenue) (161,482) (13,324) (148,158)

7,202,140$ 442,692$ 6,759,448$

Public School Retirement System of the City of St. LouisYear-To-Date Budget Analysis as of January 31, 2019

Total

Buck Global, LLC 420 Lexington Ave, Suite 2220 New York, NY 10170

December 19, 2018

Mr. Andrew ClarkExecutive Director PSRS of the City of St. Louis 3641 Olive Street, Suite 300 St. Louis, MO 63108

Mail To: Buck Global, LLC P.O. Box 207640 Dallas, TX 75320-7640

Invoice #: 2403491 Total Due This Invoice: $6,166.00 Terms: Net Due in 30 Days

Actuarial and consulting services rendered for the period ending November 30, 2018:

INCLUDES:

Monthly Retainer (November 2018) $ 3,166.00

Retirement Calculations: 3 Retirement calculations ($300) $ 3,000.00

4 Adjusted retirement calculations ($200)

2 Deferred vested commencement ($200)

3 Inquiry calculations ($300)

0 Purchase of Service Calculation ($200)

TOTAL AMOUNT DUE $ 6,166.00

mailto:[email protected]

Buck Global, LLC 420 Lexington Ave, Suite 2220 New York, NY 10170

January 11, 2019

Mr. Andrew ClarkExecutive Director PSRS of the City of St. Louis 3641 Olive Street, Suite 300 St. Louis, MO 63108-3601

Mail To: Buck Global, LLC P.O. Box 207640 Dallas, TX 75320-7640

Invoice #: 2405589 Total Due This Invoice: $4,874.00 Terms: Net Due in 30 Days

Actuarial and consulting services rendered for the period ending December, 2018:

INCLUDES:

Monthly Retainer (December 2018) $ 3,174.00

Retirement Calculations: 3 Retirement calculations ($300) $ 1,700.00

0 Adjusted retirement calculations ($200)

1 Deferred vested commencement ($200)

2 Inquiry calculations ($300)

0 Purchase of Service Calculation ($200)

TOTAL AMOUNT DUE $ 4,874.00

mailto:[email protected]

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